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USDZAR Uptick Places Pair Close to Wednesday High, ZARJPY Dips Below 200-DMA

ZAR
USDZAR topside momentum has picked up in recent trade, with the move back towards yesterday’s high underpinned by both the recovery in the greenback and the weaker-than-expected trade data. While moderate intraday weakness in gold may be providing an additional headwind to the rand, spot gold has traded within yesterday's extremes so far today.
  • Trade balance data for January showed a deeper deficit than expected, with the trade balance crossing at -ZAR 9.4bln in January from a revised +ZAR 15.6bln in December (Est: -ZAR5.5b). Absa manufacturing PMI data for February is on the docket tomorrow (Est: 46.5; Prior: 43.6).
  • From a technical perspective, a bullish outlook in USDZAR remains intact following the Feb 23 break higher with the pair well above resistance at 19.2180, the Jan 22 high. Next resistance is marked at 19.6399, the Oct 6 ‘23 high, while key support has been defined at 18.7622, the Feb 21 low.
  • ZAR weakness and JPY outperformance after some hawkish comments from BoJ's Takata places ZARJPY 0.6% in the red and below the 200-DMA. Note that this average provided support both last week and in mid-January.
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