ZAR remains under pressure against the USD.
Now trading above the first resistance level at R18.30 area, continued bullish momentum is bringing into play a key resistance level at 18.54. Later this after the South Africa Finance Minister Mr Enoch Godongwana will be delivering the 2023 SA Budget speech.
Expected swipe-saw price action from the USDZAR as the speech commences. Markets will be closely listening to comments around the current energy crisis and the Minister’s proposed solutions. Any comments not received well by the markets will likely seen further pressure on ZAR bring the R18.54 price action into play.
Now trading above the first resistance level at R18.30 area, continued bullish momentum is bringing into play a key resistance level at 18.54. Later this after the South Africa Finance Minister Mr Enoch Godongwana will be delivering the 2023 SA Budget speech.
Expected swipe-saw price action from the USDZAR as the speech commences. Markets will be closely listening to comments around the current energy crisis and the Minister’s proposed solutions. Any comments not received well by the markets will likely seen further pressure on ZAR bring the R18.54 price action into play.