USD/ZAR Price Analysis: South African Rand bounces off 10-DMA to aim for fresh record high

USD/ZAR steadies above short-term moving average, pauses the previous pullback from all-time high.
RSI conditions suggest pullback in prices but previous resistance line from October 2022 holds gate for South African Rand buyers.
Week-long resistance line restricts USD/ZAR run-up towards 20.00.

Anil Panchal FXStreet

USD/ZAR picks up bids to reverse the previous day’s pullback from the all-time high as buyers prod the 19.26 level heading into Tuesday’s European session.

In doing so, the South African Rand (ZAR) reverses from the 10-DMA. Given the bullish MACD signals the pair is likely to extend the latest recovery towards an upward-sloping resistance line connecting the latest peaks, which are also the record high, close to 19.53.

However, the nearly overbought RSI conditions, as well as the oscillator’s inability to march the higher-high in prices, signals another pullback from the stated resistance line.

Failing to do so can gradually propel the USD/ZAR prices toward the 20.00 round figure.

On the contrary, a downside break of the 10-DMA level of around 19.20 can quickly drag the South African Rand price to the 19.00 round figure.

Though, an upward-sloping previous resistance line from October 2022, now the key support near 18.80, holds the gate for the ZAR bulls afterward.

Overall, USD/ZAR remains on the bull’s radar but the upside room appears limited.

USD/ZAR: Daily chart

Trend: Further upside expected

Additional important levels

Overview
Today last price	19.2448
Today Daily Change	0.0202
Today Daily Change %	0.11
Today daily open	19.2246

Trends
Daily SMA20	18.7478
Daily SMA50	18.4148
Daily SMA100	18.0304
Daily SMA200	17.7715

Levels
Previous Daily High	19.5032
Previous Daily Low	19.206
Previous Weekly High	19.525
Previous Weekly Low	18.9943
Previous Monthly High	18.5399
Previous Monthly Low	17.7526
Daily Fibonacci 38.2%	19.3195
Daily Fibonacci 61.8%	19.3896
Daily Pivot Point S1	19.1193
Daily Pivot Point S2	19.0141
Daily Pivot Point S3	18.8222
Daily Pivot Point R1	19.4165
Daily Pivot Point R2	19.6084
Daily Pivot Point R3	19.7136

Author

Anil Panchal

FXStreet

Anil Panchal has nearly 15 years of experience in tracking financial markets. With a keen interest in macroeconomics, Anil aptly tracks global news/updates and stays well-informed about the global financial moves and their implications.

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