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USD/ZAR Soars To Four-Month Highs, Key Resistance In Sight

ZAR

Comments from Fed Chair Powell inspired hawkish U.S. rate-hike repricing, with the swaps market now leaning towards a 50bp move this month. This has helped push spot USD/ZAR through Feb 28 high of ZAR18.5147 as the Rand remains the worst EMEA performer following the release of weak local GDP data.

  • When this is being typed, USD/ZAR trades around the ZAR18.5400 mark, after lodging new four-month highs at ZAR18.5620. The RSI continues to operate below overbought territory, suggesting that there is scope for further gains, potentially towards key resistance from Oct 13 high of ZAR18.5815.

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