April 19, 2022 14:42 GMT
- USDZAR has retraced sharply higher in today's trading session, partly driven by the broad DXY strength with the rand potentially also impacted by the recent flooding in and around Durban.
- Interestingly, the slight decrease in price volatility (VIX) in recent days did not generate some support for 'risk on ZAR' , which could also be impacted.
- The pair broke above the 14.89 level earlier (50% retracement of the 13.4120 - 16.3670 range) and is currently trading slightly above its 50DMA (14.9340).
- Key resistance to watch on the topside stands at 15.10, which corresponds to the 200DMA and the high of its LT downward trending channel.