The first part of the week was more than optimistic for Bitcoin. However, now it is going through the correction phase.
Elections in South Africa: the rally is on
South Africa is holding its biggest elections today since the dawn of the democracy. The voters will have 48 parties to choose from. The leading parties are the African National Congress (ANC) party, the main opposition centrist Democratic Alliance (DA) and the radical-left Economic Freedom Fighters (EFF).
According to analysts, the victory of the current president Cyril Ramaphosa and the ANC party will boost the South African Rand. He promised to take down the corruption which affected the party’s reputation during the presidency of Jacob Zuma. Investors anticipate Cyril Ramaphosa to stick to his words and follow the pro-reform agenda.
However, the ruling party will likely face a great challenge. Some people do not trust the words of the president and give their votes to the opposition parties. If the ANC does not gain the majority of the votes, the ZAR will go down.
What are the key levels for USD/ZAR right now?
At the moment, USD/ZAR is moving down towards the weekly pivot support at 14.2761. This level lies close to the 50-day SMA. If the Rand continues to strengthen, the next support will lie at 14.2090. If the current party does not gain support today, the pair will rise above the weekly central pivot at 14.3969. The next key resistance will lie at 14.5237.
If we look at indicators, Stochastics formed a bearish divergence with the price. It provided us a selling opportunity.
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