South African Rand is again drawing bids and pushing the USD/ZAR pair lower. The currency pair is currently trading near 17.30 – the lowest level since March 27 and reporting a month-to-date loss of 6.57%. On a week-to-date basis, the pair is down by over 1.5%. The daily chart MACD histogram is printing deeper bars, confirming the bearish trend. The relative strength index (RSI), too, is reporting bearish conditions with a below-30 print. As a result, a deeper drop to the support of the trendline rising from Jan. 23 and March 4 lows cannot be ruled out. At press time, that trendline support is located at 17.24. Acceptance under the trendline could invite stronger chart-driven selling, possibly leading to a decline to the 100-day simple moving average (SMA) of 16.715. The immediate bearish view would be invalidated if and when the pair establishes a strong foothold above the descending or bearish 50-hour SMA. The pair has charted multiple lower highs along that SMA over the last one week. The 50-hour SMA is currently stationed at 17.4259. Daily chart Hourly chart Trend: Bearish Technical levels FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street FXStreet News share Read Next PBOC sets Yuan reference rate at 7.1277 FX Street 3 years South African Rand is again drawing bids and pushing the USD/ZAR pair lower. The currency pair is currently trading near 17.30 – the lowest level since March 27 and reporting a month-to-date loss of 6.57%. On a week-to-date basis, the pair is down by over 1.5%. The daily chart MACD histogram is printing deeper bars, confirming the bearish trend. The relative strength index (RSI), too, is reporting bearish conditions with a below-30 print. As a result, a deeper drop to the support of the trendline rising from Jan. 23 and March 4 lows cannot be ruled out. At press time,… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.
