USD/ZAR: FUNDAMENTAL FORECAST | PRICE ACTION | SHORT SCENARIO 🔔

The South African Current Account for the first quarter is predicted at ZAR182.1B, and the Current Account Percentage of GDP at 3.55%. Forex traders can compare this to the South African Current Account for the fourth quarter, reported at ZAR197.7B, and to the Current Account Percentage of GDP at 3.70%. South African Mining Production for April is predicted to increase by 105.0% monthly. Forex traders can compare this to South African Mining Production for March, which increased by 21.3%.

US Initial Jobless Claims for the week of June 5th are predicted at 370K, and US Continuing Claims for the week of May 29th are predicted at 3,602K. Forex traders can compare this to US Initial Jobless Claims for the week of May 29th, reported at 385K, and to US Continuing Claims for the week of May 22nd, reported at 3,771K. The US CPI for May is predicted to increase by 0.4% monthly and by 4.7% annualized. Forex traders can compare this to the US CPI for April, which increased by 0.8% monthly and by 4.2% annualized. The US Core CPI for May is predicted to increase by 0.4% monthly and by 3.4% annualized. Forex traders can compare this to the US Core CPI for April, which increased by 0.9% monthly and by 3.0% annualized.

Volatility may increase after today’s CPI report out of the US and with the CCI moving higher, but the downtrend is intact.US Dollar weakness is expected to continue, but will bears take advantage of the momentum and pressure the USD/ZAR into its next horizontal support area?