USD/ZAR is down for the third day in a row, although it is still trading at $14.
Acceptance 50-SMA on the 4H chart is required to break the range play.
As bulls attempt to reclaim control, the 100-SMA protects the downside.
The important horizontal resistance around $14.27, represented by the 50-Simple Moving Average (SMA) on the four-hour chart, is being challenged once more by USD/ZAR.
Since July 2, the spot has been unable to gain approval above the latter. As a result, the price has been confined to a restricted range, retaining the $14 mark.
At the time of writing, the spot is trading at $14.25, with minor losses. The upward-sloping 100-SMA around $14.17 provides some protection on the downside.
The $14 support could be the purchasers’ last line of defense.
The bulls appear to be gaining traction as the Relative Strength Index (RSI) climbs towards the midline.
However, the leading indicator is still below 50, signaling that further gains may be difficult to come through.
Only a four-hourly candlestick closing above the 50-SMA might provide bullish traders a much-needed lift.
The mildly bearish 21-SMA around $14.30 is the next upside objective for USD/ZAR./n
