USD/ZAR Price Analysis: Trades below 100-week SMA

USD/ZAR hovers below a long-run SMA support of 15.47.
The daily chart shows scope for a minor bounce before a deeper sell-off.

Omkar Godbole FXStreet Contributor

The USD/ZAR pair is again trading below the 100-week Simple Moving Average (SMA) of 15.47.

The 14-Relative Strength Index (RSI) is hovering in bearish territory below 50 and pointing south, suggesting scope for a continued decline in the currency pair. The weekly chart MACD histogram, an indicator used to gauge trend strength and trend changes, is also flashing signals.

However, on the daily chart, these indicators are signaling seller fatigue. As such, the pair may chart a temporary bounce before exploring deeper support levels, as suggested by the weekly chart indicators.

The immediate resistance at 15.47 (100-week SMA) followed by the lower high of 15.73 created on Nov. 12. Meanwhile, support is seen at 15.2092 (last week's low) and 14.35 (200-week SMA).

The pair is now trading largely unchanged on the day near 15.39.

Weekly chart

Trend: Bearish

Technical levels

USD/ZAR

Overview
Today last price	15.3966
Today Daily Change	-0.0057
Today Daily Change %	-0.04
Today daily open	15.4023

Trends
Daily SMA20	15.9115
Daily SMA50	16.3525
Daily SMA100	16.6588
Daily SMA200	16.9838

Levels
Previous Daily High	15.4382
Previous Daily Low	15.2832
Previous Weekly High	15.7355
Previous Weekly Low	15.2102
Previous Monthly High	16.8003
Previous Monthly Low	16.0915
Daily Fibonacci 38.2%	15.379
Daily Fibonacci 61.8%	15.3424
Daily Pivot Point S1	15.3109
Daily Pivot Point S2	15.2196
Daily Pivot Point S3	15.156
Daily Pivot Point R1	15.4659
Daily Pivot Point R2	15.5295
Daily Pivot Point R3	15.6209

Author

Omkar Godbole

FXStreet Contributor

Omkar Godbole, editor and analyst, joined FXStreet after four years as a research analyst at several Indian brokerage companies.

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