USD/ZAR Analysis
The South African Economy continues to find itself up against increasing challenges with forecasts on unemployment figures to increase after today's data release. Along with extended fuel price increases, putting even more pressure on the ZAR (Rand)
looking at our technicals, we find that a strong demand zone has been broken after a liquidity grab has taken place at the 15.463 area. A break of the 50-day moving average may indicate additional confidence in a weaker move for the ZAR.
We look to find a re-test of this demand level or a strong enough pullback to enter into a long position.
looking at our technicals, we find that a strong demand zone has been broken after a liquidity grab has taken place at the 15.463 area. A break of the 50-day moving average may indicate additional confidence in a weaker move for the ZAR.
We look to find a re-test of this demand level or a strong enough pullback to enter into a long position.
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