USDZAR started a sharp descending wave on November the 3rd, as a result of this bearish trend, the price on this pair experienced a loss, as big as 7.6%, until 15th of November 2022, when the price line reached to a strong support zone. The thick green ascending line on the chart indicates a long term dynamic support zone and the light green area below the price line indicates a static resistance. As it can be seen on the chart, the price line on this pair has already broken below its dynamic resistance as well as the Ichimoku Cloud. Sellers should keep a sharp eye on the chart and expect the price line to continuing its descending wave to the support levels below, after over passing the current support zone.
• There is a resistance level at 17.47000 followed by resistance at 17.55555 and 17.65555.
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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