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Tag - zar
It looks like USD/ZAR has overdone its increase in the short-term.
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.
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.
Some fresh analytics for today
USD/ZAR met resistance at the line connecting September and October highs and turned down.
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.
What has been driving USD/ZAR during the last days? Let's find out from the video.
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.
The pair broke above the resistance line going through October highs but then was stopped by the 50% Fibonacci at 14.6380.
USD/ZAR recoiled down from the resistance line connecting October highs and slipped under the daily moving averages.