Since the second of February 2023, the price of the USD/ZAR pair has been moving in a bullish trend, rising steadily with occasional pullbacks. However, at the moment, the price line has reached a strong resistance zone, and a double top pattern is being formed on the chart, which is often seen as a bearish signal. Additionally, the Relative Strength Index (RSI) is showing negative divergence, indicating that the momentum of the uptrend is slowing down, while the Moving Average Convergence Divergence (MACD) is also signaling bearish momentum. Therefore, traders and investors should be cautious and consider the potential downside risks before entering any long positions.
• There is a resistance level at 18.30000 followed by resistance at 18.53200 and 18.60100
• There is a support level at 17.88500. Below, there is 17.49370 and 17.31600.
Note: We do not suggest any investment advice, and these analyses are just to increase the traders’ awareness but not a certain instruction for trading.
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