USD/ZAR is at one-year lows, targeting the 10-year uptrend at 13.80 – Commerzbank

USD/ZAR trades at one year lows as the pair is approaching the 55-month moving average at 14.3772, Karen Jones, Team Head FICC Technical Analysis Research at Commerzbank, informs.

Key quotes

“USD/ZAR is at one year lows. It has reached the 200-week ma at 14.48. The 55-month ma lies at 14.3769. Below here lies the 2011-2021 uptrend line at 13.7993.” 

“Initial resistance is the 21st January low at 14.7691. Above here lies the 55-day ma at 14.9650 ahead of the 15.53 downtrend. The January high was made at 15.6645.” 

“Only if unexpectedly overcome, would the 16.0838/4977 resistance area be in the picture. It consists of the July and September lows as well as the late October and November highs and also the 200-day moving average.”