USD/ZAR breaks dominant pattern

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


The USD/ZAR currency exchange rate has broken the large scale 2021 channel up pattern by passing below the lower trend line of the pattern. The decline occurred in the channel down pattern, which captures the rate's decline since the start of December. In addition, on February 17, the pair clearly passed below the 200-day simple moving average.

If the US Dollar continues to decline against the South African Rand, the pair would decline in the channel down pattern until it reaches the October 2021 low level at 14.36 during the second part of March. Meanwhile, take into account that round price levels like the 14.80 and 14.60 have shown to be capable of providing short term support.

However, a potential surge of the rate could face resistance in the form of the 200-day simple moving average near 15.10 and the 15.00 mark. Higher above, take into account the the upper trend line of the channel down pattern, which in February was strengthened by the 50-day simple moving average.
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