USD/ZAR Price Analysis: Marks another bounce off 100-day EMA

USD/ZAR keeps Friday’s recovery moves from 17.09 to stay above the key EMA.
A two-month-old falling trend line restricts further recovery.
61.8% Fibonacci retracement, the monthly low can lure the bears.

Anil Panchal FXStreet

USD/ZAR takes the bids near 17.33 during the initial hour of Tokyo open on Monday. The pair remains above 100-day EMA since the early days of the month amid bullish MACD signals. Even so, a falling trend line from April 24 seems to challenge the bulls at present.

In a case where the bulls cheer MACD signals and cross the 17.45 resistance line on a daily closing, May 29 high surrounding 17.66 and April 30 low near 18.00 could be on their radars. However, multiple resistances between 18.00 and 18.20 could challenge the pair’s further upside.

If at all the bulls dominate past-18.20, 19.00, 19.22 and April month’s top near 19.38 might offer intermediate halts during the rise to 20.00 threshold.

Alternatively, the pair’s declines below 100-day EMA level of 17.11 could drag it to 61.8% Fibonacci retracement of March-April upside near 16.80.

Though, a 200-day EMA level of 16.37 and the monthly low near 16.33 could question the pair bears below 16.80.

USD/ZAR daily chart

Trend: Bullish

Additional important levels

Overview
Today last price	17.3108
Today Daily Change	0.0184
Today Daily Change %	0.11%
Today daily open	17.2924

Trends
Daily SMA20	17.1013
Daily SMA50	17.8506
Daily SMA100	17.2605
Daily SMA200	15.9628

Levels
Previous Daily High	17.374
Previous Daily Low	17.0913
Previous Weekly High	17.5322
Previous Weekly Low	17.0913
Previous Monthly High	18.9592
Previous Monthly Low	17.2921
Daily Fibonacci 38.2%	17.266
Daily Fibonacci 61.8%	17.1993
Daily Pivot Point S1	17.1312
Daily Pivot Point S2	16.9699
Daily Pivot Point S3	16.8485
Daily Pivot Point R1	17.4138
Daily Pivot Point R2	17.5352
Daily Pivot Point R3	17.6965

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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