February 05, 2024 13:46 GMT
USDZAR Extends NFP-Inspired Bounce Amid Resumption in Greenback Strength
Greenback strength as outlined previously has pressured the rand further in recent trade. USDZAR last deals just above the 19.00 handle, up 0.65% on the day as the pair extends Friday’s NFP-inspired bounce to over 2%.
- Bulls will target resistance at 19.1386, the Dec 11 high. While this level has recently been pierced, a clear break of would strengthen a bullish theme and signal scope for a climb towards 19.6399, the Oct 6 high.
- Local headline flow has been revolving around the upcoming elections, with opinion polls cementing the view that the ANC will struggle to keep its majority in parliament and might need to seek a coalition partner. The local data slate lacks any tier 1 releases for the remainder of the week.