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ZAR: USD/ZAR Bounces Off 18 Following US Data

ZAR
  • The spike in the greenback following the US data (lower-than-expected IJC, strong retail sales) has prompted a solid bounce for USDZAR off its daily lows. Post-data weakness in ZAR-denominated gold is likely exacerbating topside momentum, with the pair back to flat on the day after briefly trading below the 18.00 handle for the first time since mid-July.
  • Bearish momentum for USDZAR has been bolstered following seven consecutive closes in the red. A continuation lower would open 17.8689, the Jun 21 low, a break of which would place the pair at a one-year low.

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