USD/ZAR Price Analysis: Buyers encroaching key resistances above 17.00
- USD/ZAR struggles to keep the three-day winning streak.
- 200-bar SMA, monthly resistance line challenge the pair’s further upside.
- A two-week-old ascending trend line restricts immediate declines.
USD/ZAR seesaws around 17.35 during Wednesday’s Asian session. The quote rose for the consecutive three-day to Tuesday. Though, key upside barriers question the pair’s additional north-run.
Even so, normal RSI conditions and an upward-sloping support line from June 16 portrays the bulls’ hold on the momentum.
As a result, the USD/ZAR traders will keep eyes on the upside break of 17.43 for extending the recent run-up towards 50% Fibonacci retracement of May-June fall, around 17.55.
In a case where the buyers remain dominant past-17.55, May 29 high of 17.67 and 61.8% of Fibonacci retracement at 17.83 might entertain the optimists ahead of 18.00 round-figure.
On the contrary, the pair’s pullback moves might aim to conquer the immediate support line, at 17.16 now, ahead of targeting a move towards 17.00 threshold and June 09 high near 16.90.
If at all the sellers keep the helm below 16.90, the previous month’s low of 16.34 will pop-up on their radars.
USD/ZAR four-hour chart
Trend: Pullback expected
Reprinted from FXStreet，the copyright all reserved by the original author.
Disclaimer: The content above represents only the views of the author or guest. It does not represent any views or positions of FOLLOWME and does not mean that FOLLOWME agrees with its statement or description, nor does it constitute any investment advice. For all actions taken by visitors based on information provided by the FOLLOWME community, the community does not assume any form of liability unless otherwise expressly promised in writing.
FOLLOWME Trading Community Website: https://www.followme.com
Hot
No comment on record. Start new comment.