USD/ZAR Price Analysis: Sellers attack 50-DMA, previous resistance near five-week low

• USD/ZAR stays pressured around the lowest level since November 17, down for fourth consecutive day.
• Bearish MACD signals, clear downside break of two-month-old previous support line favor sellers.
• 100-DMA, six-month-old ascending trend line lure bears, upside momentum remains elusive below $16.15.

USD/ZAR remains on the back foot around a multi-day low, down 0.50% intraday close to $15.55 heading into Monday’s European session.

In doing so, the South African currency (ZAR) pair declines for the fourth consecutive day as the bears battle the resistance-turned-support and the 50-DMA level. Also favoring the pair sellers are the bearish MACD signals and failures to stay firmer beyond $16.00.

Even so, a daily closing below $15.54 becomes necessary for the USD/ZAR bears to extend the ruling towards September’s peak of $15.25.

Following that, the 100-DMA and upward sloping trend line from June, respectively around $15.15 and $14.80, will gain the market’s attention.

Should the quote bounce off $15.15-14 support confluence, the early December’s low near $15.66 the previous support line from October 20, close to $16.15, will challenge the USD/ZAR bulls.

In a case where the quote stays firmer beyond $16.16, the recently flashed multi-day high near $16.36 and the $17.00 round figure will be in focus.

USD/ZAR: Daily chart

Trend: Further weakness expected