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USDZAR Approaching Key 15.10 Resistance (200DMA + LT downward Trending Channel)

SOUTH AFRICA
  • 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.

Source: Bloomberg/MNI

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  • 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.

Source: Bloomberg/MNI