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USD/ZAR Fails to Break 200dma, Looking for Direction Triggers Ahead of Big Data Week

SOUTH AFRICA
  • USD/ZAR opens +0.22% higher this morning, following on from yesterday's broadly weaker session.
  • USD/ZAR has moved back above 14.80, having failed to close below the 200dma yesterday – keeping the near-term bull trend intact.
  • Analysts were mostly pleased with Ramaphosa's state capture appearance and promises to never see repeat occurrences, but slightly underwhelmed with the content as the president kept his cards close to his chest – similar to his previous appearance.
  • With little by way of data or local events on the agenda for today, focus shifts to a swathe of data due next week – including CPI, retail sale and mining production.
  • USD/ZAR has traded choppily this week and faces a crossroads between more upside towards 15.00 and a move below the 200dma, should risk-on conditions return.
  • Support and resistance at 14.60 & 15.00 currently cap the cross as it awaits more decisive directional triggers.
  • Intraday Sup1: 14.6577, SUP2: 14.5735, Res1: 14.8632, Res2: 14.9559
MNI London Bureau | +44 020-3983-7894 | murray.nichol@marketnews.com
MNI London Bureau | +44 020-3983-7894 | murray.nichol@marketnews.com

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