FxWirePro
Long

USD/ZAR Fundamental and technical trade setup

FX:USDZAR   U.S. Dollar/South African Rand
101 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

Nice chart! :)
Reply
English
English (UK)
English (IN)
Deutsch
Français
Español
Italiano
Polski
Türkçe
Русский
Português
Bahasa Indonesia
Bahasa Melayu
ภาษาไทย
Tiếng Việt
日本語
한국어
简体
台灣
Home Stock Screener Forex Signal Finder Cryptocurrency Signal Finder Economic Calendar How It Works Chart Features House Rules Moderators Website & Broker Solutions Widgets Stock Charting Library Feature Request Blog & News FAQ Help & Wiki Twitter
Profile Profile Settings Account and Billing My Support Tickets Contact Support Ideas Published Followers Following Private Messages Chat Sign Out