USD/ZAR looks for support

Note: This section contains information in English only.
Source: Dukascopy Bank SA


The resistance zone of the 2021 high levels at 16.30/16.35 held during the first half of May. By May 30, the rate had bounced off the resistance zone and declined to the support and resistance zone at 15.42/15.56.

A move below the 15.42/15.56 zone, the pair is expected to decline as low as the 14.75/14.80 zone, which acted as resistance in late April. Further below note the 2022 low level zone at 14.40/14.46.

On the other hand, a recovery from the 15.42/15.56 zone is highly likely set to result in another test of the 16.30/16.35 zone.

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