USD/ZAR Price Analysis: Hesitates to justify rising wedge confirmation below 17.50

USD/ZAR keeps the pullback moves from Friday’s top of 17.51.
A verified bearish formation, sustained trading below 200-bar SMA favor the bears.
Buyers need a successful break above 50% Fibonacci retracement for fresh entries.

Anil Panchal FXStreet

USD/ZAR drop to 17.30, down 0.30% on a day during Tuesday’s Asian session. The pair recently confirmed a rising wedge bearish formation. However, the sellers seem to catch a breather around three-day low off-late.

The pair’s trading below 200-bar SMA offers extra strength to the sellers’ fraternity, in addition to the downbeat chart pattern.

As a result, June 04 high around 17.08 can act as immediate support for the pair ahead of the 17.00 round-figure. Though, the pair’s further weakness may dwindle around 16.75/70, if not then the odds of refreshing the monthly low near 16.30 can’t be ruled out.

Meanwhile, the support-turned-resistance and 200-bar SMA together offers a near-term important upside barrier around 17.55. Also restricting the quote’s immediate rise will be 50% Fibonacci retracement level of the pair’s fall from May 04 to June 10, at 17.65.

Should there be a clear rise past-17.65, the buyers might not hesitate to aim for the 18.00 threshold.

USD/ZAR hourly chart

Trend: Bearish

Additional important levels

Overview
Today last price	17.2967
Today Daily Change	-0.0327
Today Daily Change %	-0.19%
Today daily open	17.3294

Trends
Daily SMA20	17.1387
Daily SMA50	17.9627
Daily SMA100	17.1651
Daily SMA200	15.9132

Levels
Previous Daily High	17.4844
Previous Daily Low	17.2468
Previous Weekly High	17.5104
Previous Weekly Low	16.8922
Previous Monthly High	18.9592
Previous Monthly Low	17.2921
Daily Fibonacci 38.2%	17.3376
Daily Fibonacci 61.8%	17.3936
Daily Pivot Point S1	17.2226
Daily Pivot Point S2	17.1158
Daily Pivot Point S3	16.9849
Daily Pivot Point R1	17.4603
Daily Pivot Point R2	17.5912
Daily Pivot Point R3	17.698

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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