#USDZAR @ 19.2951 steadies above short-term moving average, pauses the previous pullback from all-time high., @nehcap view: Further upside expected (Pivot Orderbook analysis)

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• 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.

The pair currently trades last at 19.2951.

The previous day high was 19.5032 while the previous day low was 19.206. The daily 38.2% Fib levels comes at 19.3195, expected to provide resistance. Similarly, the daily 61.8% fib level is at 19.3896, expected to provide resistance.

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.

Trend: Further upside expected

Technical Levels: Supports and Resistances

USDZAR currently trading at 19.2448 at the time of writing. Pair opened at 19.2246 and is trading with a change of 0.11 % .

The pair remains strongly bullish on the daily timeframe. It trades above its 20 SMA @ 18.7478, 50 SMA 18.4148, 100 SMA @ 18.0304 and 200 SMA @ 17.7715.

The previous day high was 19.5032 while the previous day low was 19.206. The daily 38.2% Fib levels comes at 19.3195, expected to provide resistance. Similarly, the daily 61.8% fib level is at 19.3896, expected to provide resistance.

Note the levels of interest below:

• Pivot support is noted at 19.1193, 19.0141, 18.8222
• Pivot resistance is noted at 19.4165, 19.6084, 19.7136

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