USD/ZAR: Further weakness is likely to be witnessed – Commerzbank

USD/ZAR formed a top at its all-time high at 19.3418 and is fast approaching the March 9 high and the March 25 low as well as the 2020 uptrend line at 17.1793/16.9932, per Credit Suisse.

TD Securities has just closed a long USD/ZAR position

Key quotes

“USD/ZAR is failing at the 2001-2020 resistance line at 19.22, this suggests ongoing losses to the 17.17/16.99 zone and potentially 16.00.”

“Minor resistance above the late April low and the 55-day moving average at 18.0108/18.0753 is to be found at the 18.9548 May 4 high.”