USD / ZAR has reached the rewritten 2018-2020 support line at 15.1449 and has so far held around it, Commerzbank analysts claim. They estimate that the pair if it breaks the November low of 15.0947, the November 2019 high of 15.0040 would be exposed.
Key statements:
“If there were a fall below the November low at 15.0947, however, the October 2018 high at 15.0589 and also the November 2019 high at 15.0040 would come into play. Below is the December 2019 high at 14.8691 “.
“Strong resistance above the November 12 high of 15.7362 lies between June and October lows at 16.0838 / 3613”.
“As long as the cross continues below 16.4977, the end of October high, downward pressure should persist.”
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