The boring movement within a modest range in the USDZAR currency pair continues. Sellers once again reached around 16.20+, where there was a bounce and a repeated attempt to move upwards. Prices have already risen above 16.25, and could potentially move towards 16.30, 16.35, and 16.40. If there is no breakout above 16.40, sellers may resume the decline after the bounce and move towards 16.20. If there is a successful consolidation above 16.40, bulls may continue the upward movement towards 16.50 - from there, a return to a downward trend is possible. A sustained move above 16.50 could lead to further gains towards more distant targets at 16.60, 16.70, and 16.80. If sellers manage to establish themselves below 16.20-16.15 eventually, then prices could decline towards 16.10, 16.00, and 15.90.
