USDZAR DAILY CHART
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The pair is working into a wedge and it's being squeezed by the 50- and 200-day EMA's.
I expect the 200-day EMA to hold but tomorrow's ECB meeting could see funds flowing to emerging markets which places the 200-day EMA at risk of being broken. Opinions?
As investors wait for the crucial interest rate decision of the South African Reserve Bank, the rand momentarily slows down against the US dollar. However, as the greenback also remains vulnerable, the pair is still projected to go down to its support level by the latter half of the month. Moreover, the monetary policy committee of the SARB has a lot to digest...
USDZAR has been consolidating for a while and creating a retangle. I does smooth moves every day, so I personally will wait for break of the structure. Then for break of the 16.36220 price level area for long term sell - strong resistance area.
DXY was refracting yesterday and the rally continues to the upside.
We are also in a demand zone in confluence with 78% fib level.
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