USD/ZAR’s steep descent has taken it close to the 14.0206/13.9522 support area, to the current September low at 14.0630, before rallying again. Now, the pair has the August peak at 15.3950 in its line of sight, Axel Rudolph, Senior FICC Technical Analyst at Commerzbank, reports.
Support sits at 14.0206/13.9522
“The July high at 14.9972 is within reach above which the August peak can be found at 15.3950. Further up the September 2018 and January 2021 highs can be spotted at 15.6645/6945.
“Minor support is seen between the 55 and 200-day moving averages at 14.6069/5661. Much further down and below the 14.0206/13.9522 support area the June trough can be spotted at 13.4066.”
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