USD/ZAR has reached the redrawn 2018-2020 support line at 15.1449 and has so far held around it. If the pair flirts with the 15.0947 November low and breaks below it, the November 2019 high at 15.0040 would be exposed, per Commerzbank.
“Were a drop below the November low at 15.0947 to occur, though, the October 2018 high at 15.0589 and also the November 2019 high at 15.0040 would be eyed. Further down sits the December 2019 high at 14.8691.”
“Strong resistance above the 15.7362 November 12 high 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.”