USD/ZAR
This last week saw considerable depreciation in the ZAR against the dollar, surrendering around 3.34% (taken at 18:00 CAT, Friday). A noticeable move was witnessed on Thursday which continued into Friday but later that day retraced off the intra-day high above 15.38.
This coming week could see a retracement towards the 15.00 psychological level but much of this depends on the level of USD appeal as riskier markets such as EM markets and major equity markets also experienced a sizeable sell off.
15.38 remains the most relevant level of resistance if the current trend is to continue with 15.57 and 15.70 the further upside resistance targets.
This last week saw considerable depreciation in the ZAR against the dollar, surrendering around 3.34% (taken at 18:00 CAT, Friday). A noticeable move was witnessed on Thursday which continued into Friday but later that day retraced off the intra-day high above 15.38.
This coming week could see a retracement towards the 15.00 psychological level but much of this depends on the level of USD appeal as riskier markets such as EM markets and major equity markets also experienced a sizeable sell off.
15.38 remains the most relevant level of resistance if the current trend is to continue with 15.57 and 15.70 the further upside resistance targets.
Trade closed: target reached:
Am looking for buy opportunity now we back at out support level.