USD/ZAR remains bearish below 16.4977 – Commerzbank

Axel Rudolph, Senior FICC Technical Analyst at Commerzbank, suggested the negative stance on USD/ZAR is expected to remain unchanged while below the 16.4977 level.

Key Quotes

“USD/ZAR is likely to continue its decline towards the 2018- 2020 support line at 15.0963 on a fall through the current November low at 15.2103.”

“En route are the June and October 2019 highs at 15.1866/1642.”

“Below the 2018-2020 support line at 15.0963 lies the October 2018 high at 15.0589.”

“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.”