USD/ZAR Price Analysis: Wobbles near weekly low, inside two-month-old falling channel

USD/ZAR struggles for fresh directions after refreshing the weekly low.
Bearish MACD, sustained trading below 10-day SMA favor sellers.

Anil Panchal FXStreet

Having recently refreshed the one week low with 15.28 level, USD/ZAR seesaws around 15.30 during the pre-European session trading on Tuesday.

The bearish MACD signals join the pair’s routine weakness below 10-day SMA to suggest further downside.

As a result, the lower line of a falling channel since September 18, at 15.06 now, followed by the 15.00 round-figure, pop-up on the USD/ZAR bears’ radar. However, any further downside past-15.00 will aim for December 2019 top near 14.85.

Meanwhile, an upside clearance of 10-day SMA, currently around 15.55, can help short-term traders to attack the stated channel’s resistance line, at 16.20.

Though, any more uptrend beyond 16.20 will be tamed by a falling trend line from August 10, around 16.75 by press time.

USD/ZAR daily chart

Trend: Bearish

Additional important levels

Overview
Today last price	15.3206
Today Daily Change	-0.0015
Today Daily Change %	-0.01%
Today daily open	15.3221

Trends
Daily SMA20	15.9656
Daily SMA50	16.3832
Daily SMA100	16.6783
Daily SMA200	16.9809

Levels
Previous Daily High	15.5456
Previous Daily Low	15.3067
Previous Weekly High	15.7355
Previous Weekly Low	15.2102
Previous Monthly High	16.8003
Previous Monthly Low	16.0915
Daily Fibonacci 38.2%	15.398
Daily Fibonacci 61.8%	15.4544
Daily Pivot Point S1	15.2373
Daily Pivot Point S2	15.1525
Daily Pivot Point S3	14.9984
Daily Pivot Point R1	15.4763
Daily Pivot Point R2	15.6304
Daily Pivot Point R3	15.7152

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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