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USD/ZAR Sellers Pressure the 50dma Ahead of NFP Data

SOUTH AFRICA
  • USD/ZAR trades +0.06% higher this morning, mirroring early price action in the BBDXY following a slightly firmer APAC session as equities recovered.
  • The cross remained choppy within the 16.00-15.70 range, but has seen notable selling pressure into the highs this week.
  • Focus will be on US NFPs after a strong ADP number earlier in the week, with the cross being driven primarily by USD-side moves and global risk sentiment.
  • Sellers are putting pressure on the 50dma at 15.7241, with a clear break below bringing 15.50 support into view with the 100dma below at 15.2334.
  • However, failure to make a consolidated break will bring attention back to the 16.00 handle. Intraday Sup1: 15.6638, Sup2: 15.577, Res1: 15.8099, Res2: 15.8726
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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