Marcelle_Nel

Nearing the critical support level for push back?

Long
FX_IDC:USDZAR   U.S. Dollar / South African Rand
The MACD is nearing the upward cross of the MACD and signal lines. RSI just dipped below 30 today and the Fibonacci retracement .618 - .786 will likely give a support line to bounce up from. Perhaps the situation in America with all the riots may suppress the strength of the dollar a few more days / weeks. If this is the case I am looking for an even more pronounced bump back up. Watch this space and see how it unfolds.

Comments

It's definitely more USD weakness, than ZAR strength. Outcome of the various court cases against the Government is going to play a big role in the exchange rate as well
+1 Reply
Marcelle_Nel DewaldMeyer1961
@DewaldMeyer1961, Agreed. However it's gonna take some time to get those rulings. Sentiment in America also seems to be turning as all the officers involved in Floyd's death has now been formally charged.
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