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USDZAR Technical Outlook Remains Bullish

SOUTH AFRICA
  • USDZAR trades moderately higher to start the week, in line with the moderate greenback strength. The USDZAR outlook remains bullish and gains last week reinforce this theme. Following a rally in early April, potential is seen for a climb to 18.6132, the Mar 21 high ahead of key resistance and the bull trigger at 18.7192, the Mar 8 high. On the downside, the 50-day EMA, at 18.1263, has been pierced. A clear break of this average would signal scope for a deeper retracement and expose 17.6993, the Mar 31 low.
  • The rand will likely be dominated by global sentiment this week with the FOMC meeting in focus. The local docket this week includes both the Absa Manufacturing PMI as well as the S&P PMI data. Electricity consumption and production figures are also due Thursday. Ongoing developments on Eskom will be closely monitored. On Friday, Minerals Council SA said Eskom should not receive an over R250 billion bailout, arguing that the embattled power utility should be privatised.
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