USD/ZAR Price Analysis: Corrective pullback remains elusive around $16.00

USD/ZAR struggles to extend the bounce off monthly support line, stays below 100-SMA.
Steady RSI hints at further downside towards 200-SMA.
Fortnight-long resistance line, yearly top also challenge buyers.

Anil Panchal FXStreet

USD/ZAR consolidates recent losses around $16.00, up 0.26% intraday ahead of Friday’s European session.

The South African currency (ZAR) pair dropped below an ascending support line from mid-November the previous day before bouncing off $15.84.

The recovery moves, however, remain below the 100-SMA amid steady RSI conditions, which in turn suggests another attempt to break the stated support line near $15.87.

Following that, the 200-SMA level of $15.70 will be important as a clear downside break of the same will direct USD/ZAR sellers towards the early November peaks near $15.50.

Meanwhile, recovery moves past 100-SMA level of $16.00 will be tested by $16.15 and an ascending resistance line from December 03, near $16.25.

Also acting as an upside filter is the 2021 peak, marked in November, around $16.36, a break of which will direct USD/ZAR bulls towards $1,700 and then to September 2020 peak close to $17.40.

USD/ZAR: Four-hour chart

Trend: Further weakness expected

Additional important levels

Overview
Today last price	15.966
Today Daily Change	0.0411
Today Daily Change %	0.26%
Today daily open	15.9249

Trends
Daily SMA20	15.9562
Daily SMA50	15.4155
Daily SMA100	15.065
Daily SMA200	14.6899

Levels
Previous Daily High	16.0498
Previous Daily Low	15.898
Previous Weekly High	16.1001
Previous Weekly Low	15.6685
Previous Monthly High	16.3684
Previous Monthly Low	14.8632
Daily Fibonacci 38.2%	15.956
Daily Fibonacci 61.8%	15.9918
Daily Pivot Point S1	15.8654
Daily Pivot Point S2	15.8058
Daily Pivot Point S3	15.7136
Daily Pivot Point R1	16.0171
Daily Pivot Point R2	16.1094
Daily Pivot Point R3	16.1689

Author

Anil Panchal

FXStreet

Anil Panchal has nearly 15 years of experience in tracking financial markets. With a keen interest in macroeconomics, Anil aptly tracks global news/updates and stays well-informed about the global financial moves and their implications.

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