USD/ZAR: South African rand remains under pressure – Commerzbank
The USD/ZAR pair is getting ever closer to resistance at 15.1004/1916 above which lies 15.5716/6645, point out analysts at Commerzbank. They also noted the cross is trading back above the 55-month moving average that stands at 14.4336.
Key Quotes:
“USD/ZAR’s rally off the June low at 13.4066 has so far taken it to the current July high at 14.9972, close to the late February and March highs at 15.1004/1916. Resistance above this area sits between the January and March highs at 15.5716/6645.”
“Minor support below the two month uptrend line at 14.5277 comes in between the June and early July highs as well as the February low at 14.5182/3952. Further support comes in between the 55 day moving average and the early May and June 25 lows at 14.1250/13.9522.”
Author
Matías Salord
FXStreet
Matías started in financial markets in 2008, after graduating in Economics. He was trained in chart analysis and then became an educator. He also studied Journalism. He started writing analyses for specialized websites before joining FXStreet.
