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USD/ZAR Set to Extend Losing Steak, Breaches 50-Day EMA

ZAR

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.
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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.