USD/ZAR Price Analysis: Rand looks set to reclaim 19.00 ahead of South Africa GDP


  • USD/ZAR drops to the lowest levels in two weeks during four-day downtrend.
  • Bears cheer downside break of 100-SMA, previous support line from mid-May.
  • 200-SMA can prod South African Rand buyers amid oversold RSI conditions.
  • South Africa Gross Domestic Product appears the key data to watch for clear directions.

USD/ZAR bears stay in the driver’s seat for the fourth consecutive day after it refreshed an all-time high in the last week. That said, the South African Rand (ZAR) pair drops to the fresh low in a fortnight while taking offers to 19.21 ahead of the South After Gross Domestic Product (GDP) release, scheduled for publishing at 09:30 AM GMT on Tuesday.

Although the GDP data is less likely to allow the USD/ZAR sellers to keep the reins, technical details are favoring further downside of the quote.

That said, a clear break of the 100-SMA and a three-week-old support-turned-resistance adds strength to the bearish bias about the USD/ZAR pair. The same direct the sellers toward the mid-May low surrounding the 19.00 round figure.

However, the oversold RSI conditions appear to challenge the USD/ZAR bears around the 200-SMA level of 18.94.

Following that, an upward-sloping support line from late March, close to 18.62 at the latest, appears the last defense of the USD/ZAR buyers.

On the flip side, the USD/ZAR recovery needs to cross the previous support line and a one-week-old descending resistance line, respectively near 19.33 and 19.39.

Should the quote manages to remain firmer past 19.39, the 19.40 round figure and the 100-SMA level of around 19.43 may challenge the USD/ZAR bulls.

Overall, USD/ZAR is likely to decline further but the South African GDP has a history of disappointing optimists and the same prods the pair sellers.

USD/ZAR: Four-hour chart

Trend: Further downside expected

Additional important levels

Overview
Today last price 19.2328
Today Daily Change -0.0299
Today Daily Change % -0.16
Today daily open 19.2627
 
Trends
Daily SMA20 19.3449
Daily SMA50 18.6583
Daily SMA100 18.2886
Daily SMA200 17.9075
 
Levels
Previous Daily High 19.5676
Previous Daily Low 19.2211
Previous Weekly High 19.9217
Previous Weekly Low 19.4038
Previous Monthly High 19.8684
Previous Monthly Low 18.1703
Daily Fibonacci 38.2% 19.3534
Daily Fibonacci 61.8% 19.4352
Daily Pivot Point S1 19.1333
Daily Pivot Point S2 19.0039
Daily Pivot Point S3 18.7867
Daily Pivot Point R1 19.4799
Daily Pivot Point R2 19.697
Daily Pivot Point R3 19.8264

 

 

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