The South African currency has weakened on Tuesday. As a result, the USD/ZAR pair has tested its March’s highs near the 14.63 level.
Tag - zar
South Africa anticipates the Moody's review of the country's debt. The release was scheduled on Friday, October 12, however, it was postponed. Some analysts expect it to be released after the Medium-term budget policy statement (MTBPS) on October 24.
USD/ZAR recoiled down from the resistance line connecting October highs and slipped under the daily moving averages.
We have come to the second month of 2019 and it’s time to take a deep breath after the crazy run of the year, evaluate what has already happened and make some precisions on the upcoming months.
After the bullish start of the year, the rand has started to weaken since the last Thursday. Let’s point out the main factors affecting the ZAR and set the key levels for this week’s trading.
On November 22, the South African Reserve bank (SARB) raised its interest rate to 6.75%. How does it affect the South African rand?
The pair broke above the resistance line going through October highs but then was stopped by the 50% Fibonacci at 14.6380.
Watch and find out how did the recent rate hike by the RSAB affect the South African rand and what are the key levels for USD/ZAR in the next days!
It looks like USD/ZAR has overdone its increase in the short-term.
USD/ZAR met the resistance of the line connecting September, March and May highs in the 14.50 area.
South Africa is holding its biggest elections today since the dawn of the democracy.
What has been driving USD/ZAR during the last days? Let's find out from the video.