USD/ZAR to enjoy further gains towards the 16.00 level – SocGen

USD/ZAR advances to 15.47, the highest since March. Economists at Société Générale expect the pair to extend its advance towards the 16.00 level.

Initial support seen at 15.10

“USD/ZAR has confirmed a multi month inverse Head and Shoulders denoting possibility of extension in uptrend. Daily MACD has crossed above its trigger and is in positive territory which points towards prevalence of upside momentum.”

“The pair looks poised to head higher towards the high formed earlier this year at 15.55/15.70 and projections of 16.00.”

“Immediate supports are located at the neckline near 15.10 and 14.75.”