USD/ZAR: Break above 18.50 to open up 2020 high of 19.20/19.35 – SocGen

The USD/ZAR pair formed an intermittent high near 18.50 recently. A break above the latter could clear the way towards the 19.20/35 area, in the view of economists at Société Générale.

The 17.55/17.30 area should be an important support zone

“The 50-Day Moving Average (DMA) near 17.55/17.30 should be an important support zone. Defending this can lead to the next leg of up move.” 

“A cross above 18.50 can take the pair towards 18.80 and perhaps even towards 2020 high of 19.20/19.35.”