USD/ZAR Price Analysis: Marks another pullback from 50-day EMA

USD/ZAR fails to refresh the monthly high amid recoveries from 16.34.
50-day EMA, 38.2% Fibonacci retracement guard immediate upside.
21-day EMA restricts pullback moves ahead of the 17.00 threshold.

Anil Panchal FXStreet

USD/ZAR drops to 17.40, still up 0.40% on a day, during the Asian session on Monday. The pair’s week-start gap-up to 17.44 could be cited as the reason for the intraday gains despite the latest weakness. On the contrary, the pair’s downside is likely repeating its pullbacks from 50-day EMA and 38.2% Fibonacci retracement level of April-June fall. Even so, the pair stays above 21-day EMA, which in turn keeps the bulls hopeful.

As a result, the pair traders await a notable move either above 17.50 resistance confluence or below 21-day EMA level of 17.33 for fresh entries. Though, RSI conditions favor the continuation of the present recovery moves.

Should the pair manage to provide a daily closing beyond 17.50, May 29 top surrounding 17.67 could become their immediate favorite ahead of 50% Fibonacci retracement level of 17.85 and 18.00 round-figures. However, April 30 low near 18.00 could question the buyers afterward.

On the downside, a 17.00 might lure the bears in a case where the quote closes below 17.33. Additionally, the last week’s low near 16.89 might offer an intermediate rest if the USD/ZAR prices remain weak below 17.00, ahead of refreshing the monthly low of 16.33.

USD/ZAR daily chart

Trend: Pullback expected

Additional important levels

Overview
Today last price	17.4009
Today Daily Change	0.0746
Today Daily Change %	0.43%
Today daily open	17.3263

Trends
Daily SMA20	17.1545
Daily SMA50	17.9785
Daily SMA100	17.1406
Daily SMA200	15.8998

Levels
Previous Daily High	17.4923
Previous Daily Low	17.27
Previous Weekly High	17.5104
Previous Weekly Low	16.8922
Previous Monthly High	18.9592
Previous Monthly Low	17.2921
Daily Fibonacci 38.2%	17.3549
Daily Fibonacci 61.8%	17.4074
Daily Pivot Point S1	17.2334
Daily Pivot Point S2	17.1406
Daily Pivot Point S3	17.0112
Daily Pivot Point R1	17.4557
Daily Pivot Point R2	17.5851
Daily Pivot Point R3	17.678

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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