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SOUTH AFRICA: USDZAR Bounces from Support, Bullish Threat Lingers

SOUTH AFRICA
EM BulletBulletEmerging Market News
  • USDZAR has eased off session highs in recent trade but remains 0.62% higher on the session. Lows last Friday matched closely with the Jan 24 low at 18.3022, which bolsters this level as a key short-term support for the pair.
  • We have highlighted that price action on Jan 27 continues to highlight a possible early reversal signal - a bullish engulfing candle. Today’s adjournment of the budget delivery has prompted a firm rally, with the price action bolstering the bullish technical signal developing.
  • Today’s spike higher has prompted another breach of the 50-day EMA, however a daily close above this average will be needed to signal scope for a stronger move higher. The February highs at 19.0444 represent an obvious target, before key short-term resistance, which comes in at 19.2296, the Jan 13 high. Clearance of this level would confirm a continuation of the medium-term uptrend.
  • Speaker Thoko Didiza told lawmakers that budget proceedings had never been postponed like this in the three decades since the end of apartheid. Early indications suggest March 12 is the expected date for the budget to be tabled in parliament.
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  • USDZAR has eased off session highs in recent trade but remains 0.62% higher on the session. Lows last Friday matched closely with the Jan 24 low at 18.3022, which bolsters this level as a key short-term support for the pair.
  • We have highlighted that price action on Jan 27 continues to highlight a possible early reversal signal - a bullish engulfing candle. Today’s adjournment of the budget delivery has prompted a firm rally, with the price action bolstering the bullish technical signal developing.
  • Today’s spike higher has prompted another breach of the 50-day EMA, however a daily close above this average will be needed to signal scope for a stronger move higher. The February highs at 19.0444 represent an obvious target, before key short-term resistance, which comes in at 19.2296, the Jan 13 high. Clearance of this level would confirm a continuation of the medium-term uptrend.
  • Speaker Thoko Didiza told lawmakers that budget proceedings had never been postponed like this in the three decades since the end of apartheid. Early indications suggest March 12 is the expected date for the budget to be tabled in parliament.