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USDZAR Respects Resistance at 50-Day EMA

ZAR
USDZAR traded to as high as 18.8037, briefly piercing the 50-day EMA at 18.8034. The pair is up 0.28% on the day at typing, placing the rand close to the bottom of the EMEA FX pile once again. The most recent move higher in UST yields and accompanying USD strength is the most likely driver as local catalysts remain limited, though loadshedding remains a concern with Eskom announcing that it would move between Stage 1, 2 and 3 power cuts in the coming days as generation capacity has deteriorated.
  • Price remains just below the 50-day EMA at 18.8034. The break below this level in late-October preceded a ~4% sell-off, though the majority of those losses have since been recouped. A clear break back above the average would undermine the recent bullish theme and expose 19.2710, the Oct 26 high.
  • With just unemployment rate and retail sales data on the docket, the rand will likely continue to be influenced by global factors this week.
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