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Axel Rudolph, Senior FICC Technical Analyst at Commerzbank, notes that the USD/ZAR pair is rapidly falling towards the 2018-2020 support line at 15.0710.

Key quotes

“USD/ZAR continues its decline towards the 2018-2020 support line at 15.0710. En route are the June and October 2019 highs at 15.1866/1642.”

“Below the 2018-2020 support line at 15.0710 lies the October 2018 high at 15.0589.”

“Strong resistance comes in between the June and October lows at 16.0838/3613.” 

“While the cross remains below the 16.4977 late October high overall bearish pressure should prevail.”