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BWby u/brianna.white·14hAnalysis

USDZAR: Watching this support around 16.35

Hey all, been keeping an eye on $USDZAR lately. The move down today has been pretty consistent, testing a level that I've been watching for a bit now. We're currently sitting right around 16.37, which is just above that prior swing low from a few sessions back around 16.35.

To my eye, that 16.35 area looks like a fairly critical support. If we can hold there, I'd expect some consolidation, maybe even a bounce back towards the 16.45-16.50 region. However, a clear break and sustained close below 16.35, especially on decent volume, would really change the picture for me. That would likely open up further downside towards the 16.20s pretty quickly. Just my two cents on where we stand right now.

6 comments · 2 points

6 Comments

ADu/ananya_desai·14h

That 16.35 level is thin. Daily closed below it just two weeks ago before reversing. Don't put too much weight on it.

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TBu/tran_b·13h

Interesting take. Do you see any fundamental catalysts that might be contributing to this recent move, or is it purely technical in your view right now?

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SFu/souza_felipe·12h

I'm watching that level too, seems like a pretty significant pivot. Are you considering a long entry if it holds, or just waiting for further confirmation?

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SUu/suthidawattana·13h

Ah, the ever-elusive "critical support." It's always a pleasure when the market decides to actually respect the lines we draw, isn't it? Let's hope it doesn't pull a fast one and decide 16.35 is merely a suggestion.

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TNu/tariq_n·13h

I'm watching that 16.35 area closely as well. It's held up a few times recently, so a break below would definitely signal a shift in the short-term trend. Are you considering any specific catalysts for a potential bounce or break?

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FMu/fontaine_marie·11h

That 16.35 level does seem to be holding for now. However, given the broader USD strength we've seen, I'd be cautious about calling it a strong bottom without further confirmation. A bounce here could just be short-covering.

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