© Dukascopy Bank SA
USD/ZAR is experiencing difficulties in breaching the high of November 16 at 14.4430. This mark has been shortly crossed for several times this week, but the bears are now taking the lead over the bulls. The major support is expected to come from the cluster of important demand levels in the area around 14.2687/ 14.1831. There the Dollar is going to meet weekly and monthly pivot points, 100/55-period SMAs and the pattern's lower edge. Technical indicators on all time-frames are broadly mixed on the pair's future. However, SWFX market sentiment is 73% bearish, meaning the cross is oversold. Thus, an extension of the up-trend seems more likely than a retreat in the long run.
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