USD/ZAR Price Analysis: Eyes three-week-old resistance line on recovery beyond 17.00

USD/ZAR extends recovery moves from 16.93.
A three-day-old rising trend line favors the short-term buyers towards refreshing the monthly top.
Sellers will have multiple downside supports below 17.00.

Anil Panchal FXStreet

USD/ZAR remains on the front foot while taking the bids near 17.17 during Monday’s Asian session. The pair extends the recovery moves from Wednesday and heads to a downward sloping trend line from May 22 by the press time.

Though, RSI conditions and 38.2% Fibonacci retracement of the pair’s fall from May 14 to June 10 make the 17.25 resistance confluence the key for the bulls.

In a case where the USD/ZAR prices rise beyond 17.25, the monthly high of $17.30 can easily be overlooked, which in turn can propel the quote towards May 29 top surrounding 17.67. During the pair’s further upside past-17.67, the 61.8% Fibonacci retracement level of 17.83 could lure the buyers.

Meanwhile, a downside break of the immediate support line, currently around 17.10, could drag the quote to 17.00 round-figures.

However, 23.6% Fibonacci retracement level of 16.90 and 16.65 might challenge the bears below 17.00 ahead of diverting them to the monthly low of 16.34.

USD/ZAR four-hour chart

Trend: Further recovery expected

Additional important levels

Overview
Today last price	17.1602
Today Daily Change	0.0938
Today Daily Change %	0.55%
Today daily open	17.0664

Trends
Daily SMA20	17.3279
Daily SMA50	18.0759
Daily SMA100	17.0124
Daily SMA200	15.8344

Levels
Previous Daily High	17.3044
Previous Daily Low	16.927
Previous Weekly High	17.3044
Previous Weekly Low	16.3363
Previous Monthly High	18.9592
Previous Monthly Low	17.2921
Daily Fibonacci 38.2%	17.0712
Daily Fibonacci 61.8%	17.1602
Daily Pivot Point S1	16.8941
Daily Pivot Point S2	16.7218
Daily Pivot Point S3	16.5167
Daily Pivot Point R1	17.2715
Daily Pivot Point R2	17.4767
Daily Pivot Point R3	17.6489

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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