- USD/ZAR looks south with a range breakdown on the daily chart.
- Key indicators favor a test of deeper support levels.
USD/ZAR is trading at 17.1773 at press time, representing a 0.30% gain on the day.
The bounce could be short-lived, as the daily chart studies are reporting bearish conditions. To start with, Thursday's 1.34% decline, the biggest single-day decline since May 21, confirmed a downside break of the narrow trading range of 17.1670-17.50.
The range breakdown suggests the bounce from the June 10 low of 16.3204 has ended and the bears have regained control. In addition, the 14-day relative strength index is hovering in bearish territory below 50 and the MACD histogram is beginning to chart lower bars above the zero line, a sign of weakening of upward momentum.
The pair risks falling to the psychological support of 17.00, which, if breached, would shift the focus to 16.3204. A close above Thursday's high of 17.5303 is needed to restore the bullish view.
|Today last price||17.1773|
|Today Daily Change||0.0340|
|Today Daily Change %||0.20|
|Today daily open||17.1433|
|Previous Daily High||17.5322|
|Previous Daily Low||17.1257|
|Previous Weekly High||17.5104|
|Previous Weekly Low||16.8922|
|Previous Monthly High||18.9592|
|Previous Monthly Low||17.2921|
|Daily Fibonacci 38.2%||17.281|
|Daily Fibonacci 61.8%||17.3769|
|Daily Pivot Point S1||17.0019|
|Daily Pivot Point S2||16.8606|
|Daily Pivot Point S3||16.5954|
|Daily Pivot Point R1||17.4084|
|Daily Pivot Point R2||17.6735|
|Daily Pivot Point R3||17.8149|
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