Technical Analysis - USDZAR

Technical Analysis - USDZAR

A softening of US bond yields has seen the pair start to give back some of the gains made since 20/04 when the price appreciated from R12.08 to a high of R12.53 on 25/04.

The key resistance level here was 12.47, a level that was respected from late December 2017 to early January 2018.

In the short term, R12.31 is where traders could find minor support, followed by 12.16 and 12.11. For the bulls and over the medium term, the price remains above a rising 20 and 50-day simple moving average.

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