FX March 14, 2019 / 11:11 am UTC

Chart USD/ZAR Update: Attempting to Regain Higher Levels

By Mike Macdonald
13 Mar low
R214.5820*8 Mar (w) high
R314.6800*January high
1 Mar low
December 2018 high
intraday pivot

Asterisk denotes strength of level

10:55 GMT - The anticipated push below congestion around 14.2500 has not been seen. Prices have posted a steady bounce, as oversold intraday momentum studies unwind, with immediate focus back on 14.5000. Immediate tests could be limited in further ranging, as daily momentum readings turn mixed, before improving weekly charts push prices higher once again. A close above the 14.5820 weekly high of 8 March is needed to turn sentiment outright positive and confirm continuation of the February rally. A close below 14.2500 would delay gains and signal a deeper reaction towards the 14.0600 low of 1 March.

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