USD/ZAR Price Analysis: Wobbles near weekly low, inside two-month-old falling channel
|- USD/ZAR struggles for fresh directions after refreshing the weekly low.
- Bearish MACD, sustained trading below 10-day SMA favor sellers.
Having recently refreshed the one week low with 15.28 level, USD/ZAR seesaws around 15.30 during the pre-European session trading on Tuesday.
The bearish MACD signals join the pair’s routine weakness below 10-day SMA to suggest further downside.
As a result, the lower line of a falling channel since September 18, at 15.06 now, followed by the 15.00 round-figure, pop-up on the USD/ZAR bears’ radar. However, any further downside past-15.00 will aim for December 2019 top near 14.85.
Meanwhile, an upside clearance of 10-day SMA, currently around 15.55, can help short-term traders to attack the stated channel’s resistance line, at 16.20.
Though, any more uptrend beyond 16.20 will be tamed by a falling trend line from August 10, around 16.75 by press time.
USD/ZAR daily chart
Trend: Bearish
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.