The pair remains in red on Thursday and extends below 200 SMA (14.23), following Wednesday’s clear break through thin daily cloud and marginal close below 200SMA, after the moving average contained several attacks during past five days.
ZAR benefits from positive tone around US/China trade talks and awaiting the meeting of two leaders on G20 summit for fresh signals.
Extension below 200SMA pressures higher base at 14.13 (10/16 May lows), with break here to expose round-figure 14.00 support and unmask key level at 13.86 (11 Apr trough).
Strong bearish momentum on daily chart supports the action, with firm bearish bias expected to remain intact while the price holds below 200SMA.
Res: 14.17, 14.23, 14.26, 14.31
Sup: 14.13, 14.00, 13.92, 13.86
