- The rand bottomed out at 12.9705/dollar during Tuesday’s session as sell-off in the South Africa’s currency continued
- USD/ZAR on Tuesday hit highs last reached in December 2001, veering closer to 13.00 (Psychological level)
- Price action was not sustained at highs and the pair pared some gains to close Tuesday at 12.8995
- At the time of writing USD/ZAR is trading at 12.8695, with immediate resistance at 12.9705 (Daily High Aug 18) ahead of 13.0000 (Psychological level)
- Daily stochs poised for a bearish cross-over at oversold levels and RSI also biased lower
- Expect a decent adjustment will kick in short-term, good to sell rallies around 12.8700, SL: 12.9700, TP: 12.8040
Resistance Levels:R1: 12.9705 (Daily High Aug 18)R2: 13.0000 (Psychological level)R3: 13.1000 (Psychological Level)R4: 13.8400 (2001 High Dec 21)Support Levels:S1: 12.8039 (Daily Low Aug 17)S2: 12.7767 (10-Day MA)S3: 12.7632 (Daily Low Aug 14)
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