#USDZAR @ 19.7462 Price Analysis: South African Rand eases from record high within longer-term bullish channel, @nehcap view: Pullback expected (Pivot Orderbook analysis)
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The pair currently trades last at 19.7462.
The previous day high was 19.8326 while the previous day low was 19.2395. The daily 38.2% Fib levels comes at 19.606, expected to provide support. Similarly, the daily 61.8% fib level is at 19.4661, expected to provide support.
USD/ZAR takes offers to refresh intraday low as it steps back from the all-time high marked the previous day. In doing so, the South African Rand (ZAR) pair drops 0.25% intraday to 19.75 heading into Friday’s European session.
That said, the USD/ZAR pair marked the biggest daily gains in a year the previous day as it crossed an upward-sloping resistance line from March, now immediate support near 19.70. However, the overbought RSI (14) allowed South African Rand traders to lick their wounds within a 1.5-year-old rising trend channel bullish formation.
Hence, a two-month-old resistance-turned-support line, around 19.70 restricts the immediate downside of the USD/ZAR pair ahead of highlighting the tops marked earlier in the month around 19.52 and 19.51.
In a case where the South African Rand recovers beyond 19.51, the 10-DMA and an upward-sloping trend line from October 2022, close to 19.33 and 18.80 in that order, could challenge the pair sellers.
On the flip side, the 20.00 psychological magnet lures the USD/ZAR buyers ahead of the stated channel’s top line surrounding 20.12.
Overall, the South African Rand remains on the bear’s radar despite the latest pullback.
Trend: Pullback expected
Technical Levels: Supports and Resistances
USDZAR currently trading at 19.7426 at the time of writing. Pair opened at 19.8038 and is trading with a change of -0.31% % .
| Overview | Overview.1 | |
|---|---|---|
| 0 | Today last price | 19.7426 |
| 1 | Today Daily Change | -0.0612 |
| 2 | Today Daily Change % | -0.31% |
| 3 | Today daily open | 19.8038 |
The pair remains strongly bullish on the daily timeframe. It trades above its 20 SMA @ 18.9081, 50 SMA 18.4809, 100 SMA @ 18.1023 and 200 SMA @ 17.8135.
| Trends | Trends.1 | |
|---|---|---|
| 0 | Daily SMA20 | 18.9081 |
| 1 | Daily SMA50 | 18.4809 |
| 2 | Daily SMA100 | 18.1023 |
| 3 | Daily SMA200 | 17.8135 |
The previous day high was 19.8326 while the previous day low was 19.2395. The daily 38.2% Fib levels comes at 19.606, expected to provide support. Similarly, the daily 61.8% fib level is at 19.4661, expected to provide support.
Note the levels of interest below:
- Pivot support is noted at 19.418, 19.0323, 18.825
- Pivot resistance is noted at 20.011, 20.2183, 20.604
| Levels | Levels.1 |
|---|---|
| Previous Daily High | 19.8326 |
| Previous Daily Low | 19.2395 |
| Previous Weekly High | 19.5250 |
| Previous Weekly Low | 18.9943 |
| Previous Monthly High | 18.5399 |
| Previous Monthly Low | 17.7526 |
| Daily Fibonacci 38.2% | 19.6060 |
| Daily Fibonacci 61.8% | 19.4661 |
| Daily Pivot Point S1 | 19.4180 |
| Daily Pivot Point S2 | 19.0323 |
| Daily Pivot Point S3 | 18.8250 |
| Daily Pivot Point R1 | 20.0110 |
| Daily Pivot Point R2 | 20.2183 |
| Daily Pivot Point R3 | 20.6040 |
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