USD/ZAR breaks pattern

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Source: Dukascopy Bank SA


On the day of the Russian invasion of Ukraine, the USD/ZAR currency pair spiked and the rate broke the channel down pattern, which had guided the rate down since the end of 2021. Initially, the rate surged and found resistance in the 15.5390/15.5750 zone. Afterwards, a decline followed. On March 17, the pair passed below the 15.0000 mark and the zone below it, which kept the rate up throughout February.

If the pair continues to decline, round exchange rate levels could provide support at 14.8000 and 14.6000, before the pair reaches the notable October 2021 low level at 14.3600.

However, a recovery of the US Dollar against the South African Rand would have to break the resistance of the 14.9000/15.0000 zone, before approaching the 50 and 200-day simple moving averages near the 15.2000 mark.
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Fri, 18 Mar 2022 10:31:42 GMT

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