• USD/ZAR stays pressured around the lowest level since November 17, down for fourth consecutive day.
  • Bearish MACD signals, clear downside break of two-month-old previous support line favor sellers.
  • 100-DMA, six-month-old ascending trend line lure bears, upside momentum remains elusive below $16.15.

USD/ZAR remains on the back foot around a multi-day low, down 0.50% intraday close to $15.55 heading into Monday’s European session.

In doing so, the South African currency (ZAR) pair declines for the fourth consecutive day as the bears battle the resistance-turned-support and the 50-DMA level. Also favoring the pair sellers are the bearish MACD signals and failures to stay firmer beyond $16.00.

Even so, a daily closing below $15.54 becomes necessary for the USD/ZAR bears to extend the ruling towards September’s peak of $15.25.

Following that, the 100-DMA and upward sloping trend line from June, respectively around $15.15 and $14.80, will gain the market’s attention.

Should the quote bounce off $15.15-14 support confluence, the early December’s low near $15.66 the previous support line from October 20, close to $16.15, will challenge the USD/ZAR bulls.

In a case where the quote stays firmer beyond $16.16, the recently flashed multi-day high near $16.36 and the $17.00 round figure will be in focus.

USD/ZAR: Daily chart

Trend: Further weakness expected

Additional important levels

Overview
Today last price 15.5453
Today Daily Change -0.0898
Today Daily Change % -0.57%
Today daily open 15.6351
 
Trends
Daily SMA20 15.9065
Daily SMA50 15.524
Daily SMA100 15.1411
Daily SMA200 14.7185
 
Levels
Previous Daily High 15.8004
Previous Daily Low 15.4906
Previous Weekly High 15.9734
Previous Weekly Low 15.4906
Previous Monthly High 16.3684
Previous Monthly Low 14.8632
Daily Fibonacci 38.2% 15.6089
Daily Fibonacci 61.8% 15.6821
Daily Pivot Point S1 15.4837
Daily Pivot Point S2 15.3323
Daily Pivot Point S3 15.1739
Daily Pivot Point R1 15.7934
Daily Pivot Point R2 15.9518
Daily Pivot Point R3 16.1032

 

 

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