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Home Forex Trading

USD/ZAR Recovers from Recent Slump

btclive365 by btclive365
November 8, 2022
in Forex Trading
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USD/ZAR Latest:

  • EM (emerging market) currencies pullback as USD weakness subsides
  • USD/ZAR recover after rebounding from 17.70
  • Thursday’s US inflation data now at the forefront of risk sentiment

Recommended by Tammy Da Costa

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US mid-term elections are currently underway as voters of the United States head to the polls. As elevated inflation and ballooned balanced sheets remain a key concern for the Federal Reserve, EM (emerging market) currencies are at the mercy of US Dollar Strength.

After rising to a high of 18.579 in October, a rejection of rising channel resistance drove USD/ZAR into a tight range. With the zone between 17.80 and 18.00 providing support throughout last month, the 18.500 psychological level has proven to be a major hurdle for bulls.

USD/ZAR Weekly Chart

Chart, histogram  Description automatically generated

Chart prepared by Tammy Da Costa using TradingView

Recommended by Tammy Da Costa

Forex for Beginners

Over the past four weeks, the 18.50 – 18.58 range has restricted the upside move, creating a firm barrier of resistance for USDZAR. While the above-mentioned support and resistance levels have remained an additional catalyst for price action, a weaker greenback, and a break of 17.80 drove the pair to a level last tested on October 5th at around 17.687.

USD/ZAR Daily Chart

Chart  Description automatically generated

Chart prepared by Tammy Da Costa using TradingView

With Fibonacci levels of the 2020 – 2021 move still intact, a hold above the 78.6% Fib at 18.0611 and above 18.30 may allow for bullish continuation back towards 18.50. For the downside to gain traction, a break below 17.56 is necessary.

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— Written by Tammy Da Costa, Analyst for DailyFX.com

Contact and follow Tammy on Twitter: @Tams707





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