USD/ZAR Price Analysis: Rises 0.30%, gains could be short-lived


  • 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. 

Daily chart

Trend: Bearish

Technical levels

USD/ZAR

Overview
Today last price 17.1773
Today Daily Change 0.0340
Today Daily Change % 0.20
Today daily open 17.1433
 
Trends
Daily SMA20 17.1139
Daily SMA50 17.8811
Daily SMA100 17.2382
Daily SMA200 15.951
 
Levels
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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