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The USD/ZAR pair probes resistance at 15.4966/15.7362 above which beckons the 16.0838/16.4977 zone, Axel Rudolph, Senior FICC Technical Analyst at Commerzbank, reports.

Key quotes

“USD/ZAR has been trading in a tight range above its 14.5044 December trough over the past few weeks before suddenly surging higher at the beginning of this year and reaching the 15.4966/15.7362 resistance area. It is made up of the mid-to-late November highs which may short-term cap.”

“Once the pair overcomes the 15.4966/15.7362 resistance area, the 2020-2021 resistance line at 15.8667 and also the 16.0838/16.4977 resistance zone will be in the pipeline. The latter consists of the July and September lows as well as the late October and November highs. Further up meanders the 200-day moving average at 16.7380. Slips should find support between the breached four-month support line at 15.0098 and the December 9 low at 14.8799.”

“Below the 14.5044 December low lies the 14.4438/14.3728 area, made up of the 200-week and 55-month moving averages as well as the 2011-2021 uptrend line at 13.6896.”