USD/ZAR Price Analysis: Further downside hinges on $15.65 break

• USD/ZAR snaps three-day downtrend, sidelined around late November lows.
• Bearish MACD, 20-DMA break favor sellers to brace for a bumpy road.

USD/ZAR struggles to keep the corrective pullback from a three-week low of around $15.72 during early Thursday morning in Europe.

The South African currency (ZAR) pair refreshed multi-day low the previous day on breaking the 20-DMA. However, an ascending support line from October 20, around $15.65, challenges the bears of late.

Even so, bearish MACD signals hint at the USD/ZAR downside towards five-week-old horizontal support near $15.50.

In a case where the pair sellers dominate past $15.50, the 50-DMA level of $15.30 is in focus.

Alternatively, an upside clearance of the 20-DMA level of $15.80 will direct the USD/ZAR prices towards a short-term resistance line near the $16.00 threshold.

Any further upside past $16.00 will propel the quote to the November highs near $16.36.

USD/ZAR: Daily chart

Trend: Further declines expected