USD/ZAR to find solid support at the 14.0206/13.9522 area – Commerzbank

The South African Rand's appreciation vs the US Dollar may soon pause, according to Axel Rudolph, Senior FICC Technical Analyst at Commerzbank. The 14.0206/13.9522 support area is expected to hold USD/ZAR.

June low sits at 13.4066

“USD/ZAR’s steep descent has taken it close to the 14.0206/13.9522 support area which we still expect to hold. If not, the June trough at 13.4066 would be back on the map.” 

“Minor resistance above the 55 and 200-day moving averages at 14.5780/5833 is found at the 14.9972 July high. Further up the September 2018 and January 2021 highs can be spotted at 15.6645/15.6945.”