USD/ZAR surges through an important confluence hurdle near the 16.65-70 region. The stage seems set for additional gains, though mixed oscillators warrant caution. The USD/ZAR pair caught some aggressive bids on Thursday and rallied to near three-week tops, around the 16.85 region amid a goodish pickup in the USD demand. The strong intraday positive move pushed the pair through an important confluence resistance near the 16.65-70 region. The mentioned barrier comprised of 100-period SMA on the 4-hourly chart and the top end of over one-month-old descending trend-channel. This comes on the back of the recent bounce from the 16.40-35 strong horizontal support and might have shifted the near-term bias in favour of bullish traders. Hence, some follow-through strength, back towards the 17.00 mark, looks a distinct possibility. Meanwhile, technical indicators on hourly charts are already flashing slightly overbought conditions. Moreover, oscillators on the daily chart – though have been recovering – are yet to confirm the bullish bias and warrant some caution. That said, any pullback should now find decent support, rather might still be seen as a buying opportunity near the mentioned confluence resistance breakpoint, around the 16.70-65 region. USD/ZAR 4-hourly chart Technical levels to watch 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 WTI drops over 1.50% to test weekly lows near $40.50 FX Street 3 years USD/ZAR surges through an important confluence hurdle near the 16.65-70 region. The stage seems set for additional gains, though mixed oscillators warrant caution. The USD/ZAR pair caught some aggressive bids on Thursday and rallied to near three-week tops, around the 16.85 region amid a goodish pickup in the USD demand. The strong intraday positive move pushed the pair through an important confluence resistance near the 16.65-70 region. The mentioned barrier comprised of 100-period SMA on the 4-hourly chart and the top end of over one-month-old descending trend-channel. This comes on the back of the recent bounce from the 16.40-35 strong… 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.
