Re-test of rates above 19.00

Panjang

Dolar A.S. / Rand Afrika Selatan (FX:USDZAR)

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FX:USDZAR Dolar A.S. / Rand Afrika Selatan

The rand has been able to weather the storms of the broad-based stronger dollar thanks to the spike in precious metal prices however the rand did stumble at the back end of last week following the higher-than-expected US CPI print. The critical rates to watch on the USDZAR pair is the 61.8% Fibo rate of 18.97 and the 200-day MA rate of 18.75. I expect the 200-day MA to hold its ground given the renewed geopolitical uncertainties which will see the pair re-test the 18.97 resistance rate. A break above 18.97 will see the rand fold further towards 19.15.

Komen:

The red resistance range has been hit and is being tested. Things could get very ugly for the ZAR if it fails to hold the hair below 19.30

Penafian

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