USD/ZAR struggles for fresh directions after refreshing the weekly low

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Having recently updated the one-week low at 15.28, USD / ZAR hovers around 15.30 during the pre-European session on Tuesday.

Bearish signals from the MACD join the pair’s routine weakness below the 10-day SMA to suggest a further decline.

As a result, the bottom line of a descending channel from September 18, at 15.06 now, followed by the 15.00 round figure emerging on the USD / ZAR bears radar. However, any further drop beyond 3pm will point to a December 2019 high near 14.85.

Meanwhile, a liquidation to the upside of the 10-day SMA, currently around 15.55, may help short-term traders to attack the resistance line of the indicated channel, at 16.20.

However, any uptrend beyond 16.20 will be dominated by a descending trend line from Aug 10, around 16.75 at press time.

USD/ZAR daily chart

About the author

Nafees Saifi // entrepreneur, author, trainer, and stocks and FX trader. 
Nafees Saifi is a professional FX trader from, India. Nafees has extensive experience trading commodities, bonds, and equity futures in the Asian, European, and US markets. Nafees holds a Bachelor of Finance and Economics degree and is focused heavily on Investment Finance and Quantitative Analysis.

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