USD/ZAR Boosted by US Dollar Strength


USD/ZAR Overview:

Rand Dollar Forecast

USD/ZAR has continued to pursue its transfer larger as US Dollar power stays the outstanding driver of worth motion. With South African retail gross sales declining at a speedy tempo, the financial system has skilled 1345 hours (56 days) of loadshedding (rolling blackouts) for the reason that begin of the 12 months. This has exacerbated the slowdown in progress including stress to the labor market and to the long run trajectory of the creating nation.

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As the pair goals to realize its third consecutive month of beneficial properties, the 17.00 psychological deal with stays as crucial resistance. With the uptrend pushing costs larger, a MACD (shifting common convergence/divergence) crossover above the zero line means that the bullish transfer could possibly achieve traction.

USD/ZAR Monthly Chart

Chart ready by Tammy Da Costa utilizing Buying and sellingView

On the every day chart, the MACD is hovering across the zero-line which could possibly be indicative of an enormous zone of each help and resistance with the psych 17.00 stage and Fibonacci ranges highlighting extra ranges of prominence.

USD/ZAR Daily Chart

Emerging Markets Update: USD/ZAR Boosted by US Dollar Strength

Chart ready by Tammy Da Costa utilizing Buying and sellingView

At the time of writing, a maintain above 17.00 might see a retest of the July excessive at 17.27 with a transfer larger bringing 17.672 (the 78.6% retracement of the 2018 – 2020 transfer) again into play.

However, if bears handle to drive worth motion decrease, the 50-day MA might present a layer of help at 16.50 and in the direction of 16.00.

— Written by Tammy Da Costa, Analyst for

Contact and observe Tammy on Twitter: @Tams707

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