USD/ZAR to extend the bounce once 17.41/17.45 is overcome – SocGen

FXStreet Insights Team FXStreet

USD/ZAR briefly challenged the 200-Day Moving Average recently, however, it has quickly rebounded after forming a low near 16.70. The pair is set to extend its advance on a break past 17.41/45, economists at Société Générale report.

Receding downward momentum

“Daily MACD has been posting positive divergence denoting receding downward momentum.”

“17.41/17.45, the 38.2% retracement of recent down move is initial resistance. Once this is overcome, USD/ZAR is expected to extend the bounce towards 17.95 and the high of October/November at 18.58.”

“The 200DMA at 16.87 is first support.”

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FXStreet Insights Team

FXStreet

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