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USD/ZAR Pulls Back From 16.00 as Govt Reduces Covid Restrictions

SOUTH AFRICA
  • USD/ZAR trades -0.16% lower this morning, broadly in line with the CEEMEA space this as the BBDXY treads water ahead of the start of the new year.
  • The cross closed yesterday’s session mostly flat after a choppy day around the 16.00 handle, and stands +2.25% above last Friday’s close.
  • Price action rebounded sharply from a retest of the 50dma on Tuesday as ZAR firmed in line with an improving domestic covid situation but stopped short of a breakout above 16.00.
  • For today, the cross should trade in line with global risk sentiment.
  • Intraday Sup1: 15.88, Sup2: 15.8099, Res1: 15.9742, Res2: 16.0373
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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