USD/ZAR: Break above the 15.6645/15.6945 zone to trigger a rally – Commezbank

USD/ZAR lost upside momentum below the March peak at 15.5716 and is to slide further still, Karen Jones, Karen Jones, Team Head FICC Technical Analysis Research at Commerzbank, reports.

Support is seen along the 200-DMA and 55-DMA at 14.6255/14.5568

“USD/ZAR’s rally fell short of the March peak at 15.5716 and seems to have ended at the current August high at 15.3950.”

“Minor support is seen along the 200 and 55-day moving averages at 14.6255/14.5568. Further down sits the early August low at 14.2237 and the April low at 14.1413.”

“Above 15.3950 and 15.5716 the September 2018 and January 2021 highs can be spotted at 15.6645/15.6945. Only a currently unexpected break above there should trigger a decent rally to the 17.7863 August 2020 high.”