USD/ZAR: Only a break below 18.10/18.00 would denote risk of a deeper down move – SocGen

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26 June 2023

USD/ZAR: Only a break below 18.10/18.00 would denote risk of a deeper down move – SocGen

Economists at Société Générale analyze USD/ZAR technical outlook.

A short-term up move towards 19.02 and 19.23 is not ruled out

USD/ZAR has staged an initial bounce after approaching interim support zone of 18.10/18.00 representing the 200-DMA and the ascending trend line drawn since April 2022. Interestingly, this MA has cushioned multiple declines in recent uptrend and is expected to be a crucial support.

A short-term up move towards 19.02 and 19.23, the 61.8% retracement of the pullback is not ruled out.

Only a break below 18.10/18.00 would denote risk of a deeper down move.

Currencies. Daily history for Monday, June 26, 2023

Commodities. Daily history for Friday, June 23, 2023

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