The USD/ZAR pair is getting ever closer to resistance at 15.1004/1916 above which lies 15.5716/6645, point out analysts at Commerzbank. They also noted the cross is trading back above the 55-month moving average that stands at 14.4336.
Key Quotes:
“USD/ZAR’s rally off the June low at 13.4066 has so far taken it to the current July high at 14.9972, close to the late February and March highs at 15.1004/1916. Resistance above this area sits between the January and March highs at 15.5716/6645.”
“Minor support below the two month uptrend line at 14.5277 comes in between the June and early July highs as well as the February low at 14.5182/3952. Further support comes in between the 55 day moving average and the early May and June 25 lows at 14.1250/13.9522.”
