USD/ZAR set to slip below the 2011-2021 uptrend line at 13.9388 – Commerzbank

The USD/ZAR pair is trading in one and a half year lows and is about to test support at 13.9388/23 – below which lies 13.8688/13.8148, as reported by Commerzbank. 

Overall downside pressure to retain the upper hand while 15.1004 caps

“USD/ZAR’s descent is ongoing with the 2011-2021 uptrend line at 13.9388 about to be hit, together with the January 2020 low at 13.9323.” 

“If 13.9323 were to give way, the April 2019 low at 13.8688 and also the July 2019 low at 13.8148 would be targeted next.  Much further down sits the January 2019 low at 13.2338.”

“We will stick to our longer term bearish outlook while the cross stays below the late March high at 15.1004.”

“Minor resistance below this level can be seen at the 14.5437 early May high and also at the 14.6857 mid-April high as well as along the 2020-2021 resistance line at 14.8487.”