USD/ZAR Price Analysis: Refreshes 12-day low after breaking 100-day EMA

USD/ZAR struggles to keep the bounce off 16.99.
Sustained weakness below the key EMA pushes the bears towards one-month-old horizontal support.
Buyers will have 50-day EMA as an additional upside barrier to justify their strength.

Anil Panchal FXStreet

USD/ZAR takes rounds to 17.05 during the early Thursday morning in Asia. The pair recently broke a two-week-old trading range while slipping below 100-day EMA, which in turn dragged it to the lowest levels since June 16. However, bullish MACD signals and 17.00 round-figure seem to offer pullback moves to the quote off-late.

As a result, the sellers will wait for a clear break below 17.00 while keeping eye on the 16.90/85 horizontal support, comprising multiple highs and lows marked from June 03.

If at all the bears dominate below 16.85, 16.67 and 200-day EMA level of 16.39 will be the strong supports to watch before June month’s bottom of 16.33.

On the contrary, buyers will re-enter once the pair successfully crosses a 100-day EMA level of 17.11. Though, 50-day EMA near 17.40 could keep challenging further upside moves. It’s worth mentioning that the previous monthly top close to 17.55 also offers the key resistance past-17.40

USD/ZAR daily chart

Trend: Bearish

Additional important levels

Overview
Today last price	17.0551
Today Daily Change	-0.2984
Today Daily Change %	-1.72%
Today daily open	17.3535

Trends
Daily SMA20	17.1062
Daily SMA50	17.7867
Daily SMA100	17.3089
Daily SMA200	15.9871

Levels
Previous Daily High	17.4118
Previous Daily Low	17.211
Previous Weekly High	17.5322
Previous Weekly Low	17.0913
Previous Monthly High	17.6219
Previous Monthly Low	16.3363
Daily Fibonacci 38.2%	17.3351
Daily Fibonacci 61.8%	17.2877
Daily Pivot Point S1	17.2391
Daily Pivot Point S2	17.1246
Daily Pivot Point S3	17.0383
Daily Pivot Point R1	17.4398
Daily Pivot Point R2	17.5262
Daily Pivot Point R3	17.6406

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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