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USDZAR Nears Key Support Area at 50-Day EMA

ZAR
The rand is comfortably the top performer in the EMEA FX space, as USDZAR extends lower following the US data. Alongside broader EMFX, the rand is being supported by the pullback in UST yields. Outperformance of the local currency is noteworthy today amid traditional headwinds from both the sustained uptick in the USD index as well as the moderately softer commodities backdrop – the Bloomberg commodity index is down 0.27% while gold is marginally in the red.
  • The pair is 0.85% lower at typing, placing it within close proximity to the 50-day EMA at 18.9486. While key support at that average has been breached earlier this week, the move lower has so far been considered corrective with technical conditions still bullish. If instead this level were to be clearly broken, it would signal scope for a deeper retracement and expose 18.3805, the Aug 24 low.
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