The USD/ZAR currency pair has been trading downwards since the middle of May after it failed to exceed the 19.00 level.
Given that the exchange rate is pressured by the 55-, 100– and 200-hour moving averages, it is likely that some downside potential could continue to prevail in the market, and the rate could decline to the Fibo 61.80% at 14.44.
Meanwhile, note that the currency pair could gain support from the Fibo 38.20% at 16.25. If the given level holds, it is likely that a reversal north could occur, and the pair could re-test the 19.00 mark.
