Market news

1 December 2021

USD/ZAR Price Analysis: $15.45 to limit further losses amid oversold RSI

  • USD/ZAR breaks three-week-old support line, extends pullback from yearly peak.
  • Bears eye six-week-long ascending trend line joins monthly horizontal area.
  • 200-SMA, oversold RSI conditions to challenge further downside.

USD/ZAR take offers around $15.80, down 0.62% intraday during early European morning on Wednesday.

The South African currency (ZAR) pair has been on the back foot after refreshing the yearly top on Friday. That said, the quote recently broke an ascending support line from November 09, suggesting further weakness.

However, a convergence of a bit broader rising trend line and the horizontal area comprising multiple levels marked from early November limit the pair’s declines around $15.45-50 amid oversold RSI conditions. Also acting as a downside filter is the 200-SMA level of $15.30.

Meanwhile, corrective pullback remains elusive below the stated support-turned-resistance line near $15.85, a break of which will aim to regain the $16.00 threshold.

During the quote’s upside past $16.00, USD/ZAR buyers aim for $16.25 before challenging the 2021 peak of $16.36.

USD/ZAR: Four-hour chart

Trend: Further weakness expected

 

Market Focus

Material posted here is solely for information purposes and reliance on this may lead to losses. Past performances are not a reliable indicator of future results. Please read our full disclaimer.

Open Demo Account
I understand and accept the Privacy Policy and agree that my name and contact details can be used by TeleTrade to contact me about the information I have selected.
23 International Awards
Have a question?

We are ready to assist you in every step of your trading experience
by providing 24/5 multilingual customer support.

Follow us

Risk Warning: Trading Forex and CFDs on margin carries a high level of risk and may not be suitable for all investors. CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 72.72% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money. Prior to trading, you should take into consideration your level of experience and financial situation. TeleTrade strives to provide you with all the necessary information and protective measures, but, if the risks seem still unclear to you, please seek independent advice.

© 2011-2022 Teletrade-DJ International Consulting Ltd

Teletrade-DJ International Consulting Ltd is registered as a Cyprus Investment Firm (CIF) under registration number HE272810 and is licensed by the Cyprus Securities and Exchange Commission (CySEC) under license number 158/11.

The company operates in accordance with the Markets in Financial Instruments Directive (MiFID).

The content on this website is for information purposes only. All the services and information provided have been obtained from sources deemed to be reliable. Teletrade-DJ International Consulting Ltd ("TeleTrade") and/or any third-party information providers provide the services and information without warranty of any kind. By using this information and services you agree that under no circumstances shall TeleTrade have any liability to any person or entity for any loss or damage in whole or part caused by reliance on such information and services.

TeleTrade cooperates exclusively with regulated financial institutions for the safekeeping of clients' funds. Please see the entire list of banks and payment service providers entrusted with the handling of clients' funds.

Please read our full Terms of Use.

To maximise our visitors' browsing experience, TeleTrade uses cookies in our web services. By continuing to browse this site you agree to our use of cookies.

Teletrade-DJ International Consulting Ltd currently provides its services on a cross-border basis, within EEA states (except Belgium) under the MiFID passporting regime, and in selected 3rd countries. TeleTrade does not provide its services to residents or nationals of the USA.

Material posted here is solely for information purposes and reliance on this may lead to losses. Past performances are not a reliable indicator of future results. Please read our full disclaimer.

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 72.72% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
Choose your language/location