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ZAR Remains Resilient, Despite Ukraine Concerns as Risk Sentiment Recovers Tentatively

SOUTH AFRICA
  • USD/ZAR trades -0.38% lower this morning, tracking early selling pressure on the BBDXY.
  • The cross failed to breach 15.2155 resistance yesterday, retracing back toward 15.00 as terms of trade continue to improve on demand for commodities.
  • Risk sentiment has improved this morning with EU indices following APAC higher, despite brewing concerns of a Russian expansion deeper into Ukraine.
  • SA’s budget meeting should also be insulating ZAR slightly from global conditions, with the brighter fiscal outlook providing support to the currency.
  • Continued risk-on could support a move down to the prior lows at 14.9133, but support from the 200dma (14.92) remains a key obstacle to further gains.
  • A break below here opens up 14.7583-15.54 supports to the downside, while failure to break the level may see price action retest the 100 & 50 dmas above at 15.46.
  • Intraday Sup1: 14.9935, Sup2: 14.9133, Sup3: 14.7736, Res1: 15.1431, Res2: 15.2155, Res3: 15.2633
MNI London Bureau | +44 020-3983-7894 | murray.nichol@marketnews.com
BulletEM BulletEmerging Market NewsHomepage
MNI London Bureau | +44 020-3983-7894 | murray.nichol@marketnews.com
BulletEM BulletEmerging Market NewsHomepage

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