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USDZAR Sharp Reversal After Reaching May 2020 Highs

SOUTH AFRICA
  • USDZAR had been continuing to trade on the front foot on Thursday amid ongoing domestic uncertainties and received the added impulse from the US inflation data to take the pair to the highest levels since shortly after the pandemic above 18.50.
  • However, in line with the powerful late turnaround in global equity indices, the pair has reversed the entirety of day’s advance to trade back below 18.20 as of writing.
  • The pair still remains on track to post a weekly gain, due mainly to the lack of positive developments regarding the Transnet strikes.
  • The technical uptrend remains in tact and key short-term support remains at 17.5709, the Oct 4 low.
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