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USDZAR Trades on Softer Footing Again Following Tuesday’s Sell Off

ZAR

USDZAR continues to trade with a softer tone following yesterday’s sell-off, recording a low of 18.2497 earlier this morning – and closely matching this week’s lows – before its losses were partially pared. The pair last deals 0.2% lower on the day as lower US yields support the rand, allowing the short-term bearish theme to dominate.

  • Last week’s sell-off resulted in a breach of a number of short-term supports. A continuation lower would signal scope for a move towards 17.9434, 76.4% of the Jul 27 - Oct 6 bull leg. Initial resistance is at 18.6939, the 50-day EMA.
  • With little data of note on the local slate for the remainder of this week, the rand will likely continue to be driven by broader global themes as we approach the holiday period.
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