The USD/ZAR pair has rallied to the 14.3668/5437 resistance zone. A rise above 14.6857 would be medium-term bullish, according to Axel Rudolph, Senior FICC Technical Analyst at Commerzbank.
Current June low was made at 13.4066
“USD/ZAR’s descent has taken it to the current June low at 13.4066 while medium-term from where it has swiftly reversed higher to the 2020-2021 downtrend line at 14.3668. Together with the December-to-February lows and May high at 14.3952/5437 it offers strong resistance.”
“Only a rise above the next higher 14.5809/6857 March low and mid-April high would make us medium-term bullish and would lead us to target the 200 day moving average at 15.0432 as well as the late March high at 15.1004.”
“Slips should find support between the 55-day moving average and the early May low at 14.0897/13.9522. Further down sits the current June low at 13.4066, only an unexpected fall through which would open the way for the January 2019 low at 13.2338 to be reached.”