- USD/ZAR rally picks-up momentum, rallies to monthly highs by 12.6349
- The pair easily broke past Jul 8/9 highs, momentum is bullish
- China slowdown, weak economy and SARB hiking weigh on ZAR
- At the time of writing the pair has erased some gains and is trading at 12.6112
- Tenkan line is pointing north, suggesting more gains for USD/ZAR, caution advised, Stochs are at Overbought levels
Resistance Levels:R1: 12.6375 (Daily High Jun 8)R2: 12.6600 (2015 High Jun 5)R3: 13.8400 (Daily High Dec 20 2001)Support Levels: S1: 12.4595 (Session Low Jul 24)S2: 12.3750 (Daily Low Jul 23)S3: 12.3100 (Daily Low Jul 22)
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