USD/ZAR sliced through the 2011-2021 support line at 13.7377 and nears the January 2019 low at 13.2338, Axel Rudolph, Senior FICC Technical Analyst at Commerzbank, reports.
Current June low was made at 13.4000
“USD/ZAR’s descent has taken it right through the 2011-2021 support line at 13.7377 with the current June low having so far been made at 13.4000 while en route to the January 2019 low at 13.2338. Further down lie the August and November 2016 lows at 13.1996/1713. More significant support can be found between the March, June and September 2017 lows at 12.7438/3117.”
“Below 12.7438/3117 lies the January 2014 high and the February 2018 low at 11.5091/3915.
“Immediate downside pressure will be maintained while the cross stays below the two-month downtrend line at 13.7763 above which the four-month resistance line can be spotted at 13.9580. Further resistance sits between the April low and the mid-May high at 14.1433/1988.”
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