USDZAR targeting the 200 week moving average once again? $USDZAR
The 200 week moving average has provided a significant level of support for the USDZAR currency pair since 2017. (see boxes)
I will be watching the 200 wma at 13.81 with keen interest as any reversal off this level could indicate a short term move higher in the pair. The level of 20 on the RSI indicator has provided support for the dollar and is not quite oversold yet, so this could potentially give us a clue that the Rand could still get slightly stronger in the immediate term.
Interesting to see that the 200 week moving average is starting to curl lower but with all the shorter term moving averages still trading above the 200 week ma, i will have to give the rand bears the benefit of the doubt for now..
I will be watching the 200 wma at 13.81 with keen interest as any reversal off this level could indicate a short term move higher in the pair. The level of 20 on the RSI indicator has provided support for the dollar and is not quite oversold yet, so this could potentially give us a clue that the Rand could still get slightly stronger in the immediate term.
Interesting to see that the 200 week moving average is starting to curl lower but with all the shorter term moving averages still trading above the 200 week ma, i will have to give the rand bears the benefit of the doubt for now..
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