USD/ZAR Price Analysis: Mildly bid above 15.50, not yet out of the woods

USD/ZAR probes intraday high, extends early-week pullback from late-February lows.
Six-week-old falling trend line guards immediate upside, Wednesday’s low offers nearby support.

Anil Panchal FXStreet

USD/ZAR prints mild gains of 0.10% while trading near 15.65 amid early Friday. The pair dropped to the lowest since February 26 on Monday, before bouncing off 15.21.

Though, the following pullback fails to overcome the immediate resistance line stretched from October 05, at 15.87, needless to mention the horizontal line including lows marked in September and October around 16.08/10.

It should also be noted that a falling trend line from mid-October and the monthly high, respectively around 16.32 and 16.45, offer extra hurdles to the north of 16.10.

Meanwhile, fresh selling can take clues from the pair’s downside break of Wednesday’s low near 15.50.

Following that, 15.40 and the recent low near 15.20 can stop the bears from targeting the 15.00 threshold.

USD/ZAR four-hour chart

Trend: Bearish

USD/ZAR

Overview
Today last price	15.656
Today Daily Change	0.0104
Today Daily Change %	0.07
Today daily open	15.6456

Trends
Daily SMA20	16.0779
Daily SMA50	16.4337
Daily SMA100	16.7156
Daily SMA200	16.9769

Levels
Previous Daily High	15.7355
Previous Daily Low	15.5253
Previous Weekly High	16.4504
Previous Weekly Low	15.5777
Previous Monthly High	16.8003
Previous Monthly Low	16.0915
Daily Fibonacci 38.2%	15.6056
Daily Fibonacci 61.8%	15.6552
Daily Pivot Point S1	15.5355
Daily Pivot Point S2	15.4253
Daily Pivot Point S3	15.3253
Daily Pivot Point R1	15.7457
Daily Pivot Point R2	15.8457
Daily Pivot Point R3	15.9559

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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