• USD/ZAR retreats from intraday high, stays around yearly top.
  • 61.8% Fibonacci retracement limits immediate downside, July 2020 lows challenge bulls.
  • RSI conditions challenge further upside but bullish trend remains intact.

USD/ZAR stays firmer around $16.20, despite the recent pullback from intraday high, amid early Tuesday morning in Europe.

In doing so, the South African currency (ZAR) remains on the back foot around the lowest levels in a year, flashed on Friday, while staying above 61.8% Fibonacci retracement (Fibo.) level of August 2020 to June 2021 fall, around $16.10.

However, the overbought RSI line hints at the quote’s pullback move from a horizontal area comprising July 2020 lows, near $16.35-40.

Adding to the upside filters is the October 2020 peak of $16.75 and the $17.00 threshold.

On the contrary, the pair’s pullback below the key Fibo. level support of $16.10 will need validation from the $16.00 round figure to aim for a late November 2020 swing high near $15.70.

It should be noted that the USD/ZAR keeps the bullish trend until the quote stays above August 2021 top near $15.40.

USD/ZAR: Daily chart

Trend: Further upside expected

Additional important levels

Today last price 16.2008
Today Daily Change 0.0254
Today Daily Change % 0.16%
Today daily open 16.1754
Daily SMA20 15.5326
Daily SMA50 15.1565
Daily SMA100 14.895
Daily SMA200 14.631
Previous Daily High 16.2433
Previous Daily Low 16.0724
Previous Weekly High 16.3684
Previous Weekly Low 15.6897
Previous Monthly High 15.3287
Previous Monthly Low 14.352
Daily Fibonacci 38.2% 16.178
Daily Fibonacci 61.8% 16.1377
Daily Pivot Point S1 16.0841
Daily Pivot Point S2 15.9928
Daily Pivot Point S3 15.9132
Daily Pivot Point R1 16.255
Daily Pivot Point R2 16.3346
Daily Pivot Point R3 16.4259



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