EUR/ZAR to drift lower towards the August 2019 high at 17.3134 – Commerzbank

The EUR/ZAR pair remains under pressure and is getting ever closer to the August 2019 high at 17.3134, as Axel Rudolph, Senior FICC Technical Analyst at Commerzbank, notes. 

Key quotes

“Once the current March low at 17.4636 has also given way, the 17.3134 August 2019 high and also at the 17.0682 November 2017 peak will be in focus. Around these the cross may level out in the weeks to come. Further down sits the March 2019 high at 16.5610 and the 2012-2021 uptrend line at 16.3971.” 

“Minor resistance above the 55-day moving average at 18.0863 comes in along the 2020-2021 resistance line at 18.3179. Stronger resistance is to be found between the December and late January highs as well as at the late February and current March highs at 18.4366/18.6220. While remaining below it, downside pressure should remain in force.”