USD/ZAR jumps 7.20%

Source: Dukascopy Bank SA


After breaking the resistance of the 14.75/14.80 zone, the USD/ZAR currency pair started a surge, which was fueled by a decline of the value of the South African Rand and strength of the US Dollar. This resulted in a 7.20% surge from April 18 up to April 25. In addition, the pair has passed below the 15.50 level's resistance.

A continuation of the surge is expected to encounter resistance in two high level zones. Note the 2022 high level above the 16.00 mark and the 2021 December high level zone near 16.30/16.35.

Meanwhile, a possible retracement back down might look for support in the 15.50 mark and the 200 and 50-day simple moving averages near 15.20 and 14.95.
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