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USDZAR has risen through the 16.08 intraday high on Monday after having recovered from the $15.16 lows registered on June 09, 2022. The currency pair is seen to be trading close to 16.00 at this point of writing and is expected to rally towards the 17.00-10 zone going forward. Bulls will be poised to hold prices above the 14.40 initial support to keep the structure intact.
USDZAR has been broadly unfolding a larger degree countertrend rally since the last year, having printed lows around the 13.37 mark. The first wave within the corrective phase terminated through the 16.35 mark, which is also the 0.50 Fibonacci retracement of the larger degree downswing (not seen here completely).
USDZAR completed its second wave around the 14.40 levels, which is the interim support now. If the above-proposed structure holds well, bulls are on their way to terminate the last leg higher towards 17.00-10, which is the Fibonacci 0.618 retracement of the above downswing (19.30 through 13.37 levels). A high probability remains for a bearish turn thereafter.
Potential rally through 17.10 against 15.10
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