USD/ZAR has the August high at 15.3950 in its crosshairs – Commerzbank

USD/ZAR continues to have the August peak at 15.3950 in its sights while remaining above 14.5682, Axel Rudolph, Senior FICC Technical Analyst at Commerzbank, reports.

August high is seen at 15.3950

“USD/ZAR’s steep ascent from its current September low at 14.0630 has now taken it above the July high at 14.9972 with the August peak at 15.3950 being next in line. This will be the case while the September 23 low at 14.5682 holds.” 

“Further up the September 2018 and January 2021 highs can be spotted at 15.6645/6945.”

“Minor support below 14.5682 is seen at the 14.4027 June 21 high. Much further down and below the 14.0206/13.9522 support area the June trough can be spotted at 13.4066.”