USD/ZAR steps back from the three-day top of 17.61. U-turn from channel’s support, amid oversold RSI, keeps the buyers hopeful. The yearly ascending trend line provides strong support below the channel formation. USD/ZAR drops to 17.50 amid the initial Asian session on Friday. The pair bounced off the support line of a falling trend channel from April 24 while taking support from the oversold RSI conditions on Thursday. Though, buyers fail to ignore bearish MACD and struggle to keep the reins above 17.00. As a result, sellers are on the lookout for entries and wait for the clear signals. In doing so, the channel’s lower line, at 17.20, will be backed by an ascending trend line from January 01, 2020, currently around 17.00. If at all USD/ZAR prices slip below 17.00 on a daily closing basis, 61.8% Fibonacci retracement of January-April upside, close to 16.00, will lure the sellers. Alternatively, the bulls may stay cautious unless the quote crosses the upper line of the said channel, at 18.40 now. However, an intermediate pullback to 17.90 can’t be ruled out. USD/ZAR daily chart Trend: Bearish 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 NZD/USD portrays bullish exhaustion near 11-week top beyond 0.6200 FX Street 3 years USD/ZAR steps back from the three-day top of 17.61. U-turn from channel’s support, amid oversold RSI, keeps the buyers hopeful. The yearly ascending trend line provides strong support below the channel formation. USD/ZAR drops to 17.50 amid the initial Asian session on Friday. The pair bounced off the support line of a falling trend channel from April 24 while taking support from the oversold RSI conditions on Thursday. Though, buyers fail to ignore bearish MACD and struggle to keep the reins above 17.00. As a result, sellers are on the lookout for entries and wait for the clear signals. In… 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.
