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Free AccessUSDZAR Approaching Key 15.10 Resistance (200DMA + LT downward Trending Channel)
- 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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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.