USD/ZAR remains bearish below 16.4977 – Commerzbank

Pablo Piovano FXStreet

Axel Rudolph, Senior FICC Technical Analyst at Commerzbank, suggested the negative stance on USD/ZAR is expected to remain unchanged while below the 16.4977 level.

Key Quotes

“USD/ZAR is likely to continue its decline towards the 2018- 2020 support line at 15.0963 on a fall through the current November low at 15.2103.”

“En route are the June and October 2019 highs at 15.1866/1642.”

“Below the 2018-2020 support line at 15.0963 lies the October 2018 high at 15.0589.”

“Strong resistance above the 15.7362 November 12 high comes in between the June and October lows at 16.0838/3613.”

“While the cross remains below the 16.4977 late October high overall bearish pressure should prevail.”

Author

Pablo Piovano

FXStreet

Born and bred in Argentina, Pablo has been carrying on with his passion for FX markets and trading since his first college years.

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