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USDZAR Losses Reach 0.9% as Lower US Yields, Strength in Gold Support Rand

ZAR
  • The downtick in US yields and accompanying greenback weakness since the US Open and slate of weak US data has lent support to the rand. USDZAR is down 0.9% at typing and has now recorded a 3% pullback from the Jan 23 highs, falling below all three of the 50-, 100- and 200-DMAs on the session. The previously noted move higher in spot gold is likely accounting for rand outperformance in the EMEA region.
  • From a technical perspective, the latest pullback in USDZAR is - for now - considered corrective. Key support has been defined at 18.1092, the Dec 15 low. Initial support to watch is at 18.5385, the Jan 12 low. A break of this level would be a bearish development.
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