The USD/ZAR pair is trading in one and a half year lows and is about to test support at 13.9388/23 – below which lies 13.8688/13.8148, as reported by Commerzbank.
Overall downside pressure to retain the upper hand while 15.1004 caps
“USD/ZAR’s descent is ongoing with the 2011-2021 uptrend line at 13.9388 about to be hit, together with the January 2020 low at 13.9323.”
“If 13.9323 were to give way, the April 2019 low at 13.8688 and also the July 2019 low at 13.8148 would be targeted next. Much further down sits the January 2019 low at 13.2338.”
“We will stick to our longer term bearish outlook while the cross stays below the late March high at 15.1004.”
“Minor resistance below this level can be seen at the 14.5437 early May high and also at the 14.6857 mid-April high as well as along the 2020-2021 resistance line at 14.8487.”
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.