USD/ZAR Price Analysis: Sellers attack $15.85-80 support confluence


  • USD/ZAR remains pressured around short-term key support joint comprising 13-day-old ascending trend line, 100-SMA.
  • Bearish MACD signals keep sellers hopeful, ascending trend line from late October adds to the downside filters.

USD/ZAR bears battle crucial support convergence, down 0.41% intraday near $15.85 heading into Tuesday’s European session.

Given the bearish MACD signals and the South African currency (ZAR) pair’s failures to rebound, the quote is likely to conquer the confluence of 100-SMA and an ascending support line from November 17, around $15.85-80.

While the breakdown will quickly drag the USD/ZAR prices towards an ascending support line from late October, near $15.60, any further declines will be tough.

Also acting as extra support is the area comprising multiple tops marked since early November near $15.50.

On the flip side, corrective pullback needs to cross the weekly resistance line, around $15.85 by the press time, to recall the USD/ZAR buyers.

Following that the recently flashed multi-day peak of $16.36 and late October 2020 high near $16.50, will gain the market’s attention.

USD/ZAR: Four-hour chart

Trend: Further weakness expected

Additional important levels

Overview
Today last price 15.8677
Today Daily Change -0.0623
Today Daily Change % -0.39%
Today daily open 15.93
 
Trends
Daily SMA20 15.7345
Daily SMA50 15.2689
Daily SMA100 14.9661
Daily SMA200 14.6594
 
Levels
Previous Daily High 16.1001
Previous Daily Low 15.8312
Previous Weekly High 16.25
Previous Weekly Low 15.737
Previous Monthly High 16.3684
Previous Monthly Low 14.8632
Daily Fibonacci 38.2% 15.9339
Daily Fibonacci 61.8% 15.9974
Daily Pivot Point S1 15.8074
Daily Pivot Point S2 15.6848
Daily Pivot Point S3 15.5385
Daily Pivot Point R1 16.0764
Daily Pivot Point R2 16.2227
Daily Pivot Point R3 16.3454

 

 

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