FxWirePro
Long

USD/ZAR Fundamental and technical trade setup

FX:USDZAR   U.S. Dollar/South African Rand
95 1 3
USD/ZAR             is trading in narrow range between 15.859-15.49 for the past five trading session. It is currently trading around 15.80.

The pair awaits S&P             and Fitch rating action as well as US Non Farm Payroll (NFP) for further direction.

S&P             is set to release its credit rating outlook on Friday. The rating agency is expected to downgrade the South Africa‘s credit rating. The credit rating
downgrade was mainly driven by slowing GDP growth, which makes South Africa more vulnerable to capital outflows, rand depreciation.

Junk status for South Africa will push the country’s debt cost higher and also rand to depreciate further against dollar.

Technically the pair’s major resistance is around 16 and nay break above will take the rand till 16.65/17.02/17.75.

On the lower side major support is around 15.37 (16th May low) and any break below targets 15/14.10 (55 W EMA).

It is good to buy at dips around 15.60 with SL around 15 for the TP of 16.65/17.02

lukelehepuu PRO
6 months ago
Nice chart! :)
Reply
Ideas Scripts Chart
United States
United Kingdom
India
España
Italia
Brasil
Россия
Türkiye
日本
한국
Home Stock Screener Economic Calendar How It Works Chart Features House Rules Moderators For the WEB Widgets Stock Charting Library Priority Support Feature Request Blog & News FAQ Help & Wiki Twitter
Private Messages Chat Ideas Published Followers Following Priority Support Public Profile Profile Settings Billing Sign Out