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USD/ZAR Outlook: Pullback Extends after Strong Upside Rejection

Bulls are losing traction as the price eases for the second day, following strong upside rejection on Friday (spike high was left at 15.17, the highest since early Sep) before quick pullback. Daily stochastic reversed from overbought territory, RSI turned south and weakening momentum is crossing below its 7-d SMA, adding to signals for correction. Overall structure on daily chart is bullish and dips should be ideally contained at 14.70 zone (Fibo 38.2% of 13.86/15.17 rally/rising 10SMA) to guard pivotal rising 20SMA (14.55). Only sustained break below 20SMA would put bulls on hold for deeper correction.

Res: 14.89; 14.98; 15.00; 15.17
Sup: 14.74; 14.67; 14.61; 14.55

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