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USDZAR Dips Substantially Following MTBPS

ZAR

USDZAR dipped substantially despite the MTBPS confirming a deteriorating fiscal outlook. The pair breaks through its prior intraday lows and last deals at around 18.60.

  • Technically, the trend outlook in USDZAR is unchanged, however, and conditions remain bullish. However, a corrective cycle remains in play and this has resulted in a move lower. The pair has recently breached support at the 50-day EMA, at 18.9299. The break suggests scope for a deeper retracement and has exposed 18.3805, the Aug 24 low.

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