The South African Rand continues to appreciate vs. the US Dollar as the USD/ZAR pair slips towards the December-to-February lows at 14.5044/14.3952 which are still key, as reported by Commerzbank.
USD/ZAR continues to hover above the 55-month moving average at 14.4053
“USD/ZAR is trading back at the 14.5044 December low below which lies key support at the 14.3952 February low. This we expect to continue to hold this week. If not, the 2011-2021 uptrend line at 13.8765 would be targeted but would then be expected to act as support.”
“Resistance above the 15.1004 late March high can be found at the 15.1916 late February high and also along the 2020- 2021 resistance line at 15.2343. More significant resistance comes in between the January and March highs at 15.5716/15.6645. Only an unexpected rise above this high would make us bullish again and would lead us to target the 200-day moving average and the September low at 15.8204/16.0838. Further up sits the October peak at 16.7977.”
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