USD/ZAR Price Analysis: Further downside hinges on $15.65 break


  • USD/ZAR snaps three-day downtrend, sidelined around late November lows.
  • Bearish MACD, 20-DMA break favor sellers to brace for a bumpy road.

USD/ZAR struggles to keep the corrective pullback from a three-week low of around $15.72 during early Thursday morning in Europe.

The South African currency (ZAR) pair refreshed multi-day low the previous day on breaking the 20-DMA. However, an ascending support line from October 20, around $15.65, challenges the bears of late.

Even so, bearish MACD signals hint at the USD/ZAR downside towards five-week-old horizontal support near $15.50.

In a case where the pair sellers dominate past $15.50, the 50-DMA level of $15.30 is in focus.

Alternatively, an upside clearance of the 20-DMA level of $15.80 will direct the USD/ZAR prices towards a short-term resistance line near the $16.00 threshold.

Any further upside past $16.00 will propel the quote to the November highs near $16.36.

USD/ZAR: Daily chart

Trend: Further declines expected

Additional important levels

Overview
Today last price 15.7355
Today Daily Change 0.0276
Today Daily Change % 0.18%
Today daily open 15.7079
 
Trends
Daily SMA20 15.788
Daily SMA50 15.2941
Daily SMA100 14.9898
Daily SMA200 14.6672
 
Levels
Previous Daily High 15.9278
Previous Daily Low 15.6685
Previous Weekly High 16.25
Previous Weekly Low 15.737
Previous Monthly High 16.3684
Previous Monthly Low 14.8632
Daily Fibonacci 38.2% 15.7676
Daily Fibonacci 61.8% 15.8288
Daily Pivot Point S1 15.6083
Daily Pivot Point S2 15.5087
Daily Pivot Point S3 15.349
Daily Pivot Point R1 15.8677
Daily Pivot Point R2 16.0274
Daily Pivot Point R3 16.127

 

 

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