ZARUSD closes -0.52% lower at 0.0576
South African Rand/US Dollar (ZARUSD) Technical Analysis Report for Jun 30, 2020 | by Techniquant Editorial Team
ZARUSD finished the month 1.05% higher at 0.0576 after losing 3 pips (-0.52%) today.
Daily Candlestick Chart (ZARUSD as at Jun 30, 2020):
Tuesday's trading range has been 6 pips (1.04%), that's below the last trading month's daily average range of 10 pips. Weekly volatility is also lower, being below the market's average weekly trading range. The longer-term, monthly volatility is currently lower than usual for ZARUSD.
Prices are trading close to the key technical support level at 0.0570 (S1).
The market shows weakness in the short-term (in accordance with its long-term downtrend) with only the medium-term trend still being bullish.
Selling could speed up should prices move below the nearby swing low at 0.0570 where further sell stops might get activated. As prices are trading close to June's low at 0.0568, downside momentum could accelerate should the FX pair mark new lows for the month.