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Free AccessUSD/ZAR Set to Extend Losing Steak, Breaches 50-Day EMA
USDZAR looks set to extend its losing streak to five days, and is now 2.8% lower compared to the Feb 23 YTD high of 19.3899.
- Global factors have been the key drivers of price action today, with greenback weakness both ahead of and following the release of the Powell text assisting the move lower in USDZAR. The pair has breached support at the 50-day EMA today (intersecting at 18.9278), with attention now turning to 18.7622, the Feb 21 low.
- JP Morgan noted this morning that they are inclined to buy dips towards 18.75/80 ahead of the 200-DMA. They say they are awaiting the first IPSOS poll for the elections, with any result which implies ANC towards 40pct having the potential to lead to market nervousness.
To read the full story
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.