Menu

Search

  |   Technicals

Menu

  |   Technicals

Search

FxWirePro: USD/ZAR eases as investors track US-Iran talks, await domestic month-end data

• USD/ZAR edged lower as the rand firmed on potential U.S.-Iran peace talks, with focus on upcoming month-end domestic data.

• Oil prices slipped in volatile trading on Friday after reports that Iran’s Foreign Minister Abbas Araqchi was set to arrive in Islamabad, raising hopes that U.S.-Iran peace talks could resume.

•  The dollar softened but was still headed for its first weekly gain in nearly a month as investors remained nervous about Middle East tensions.

• South Africa is a net importer of energy, leaving it highly exposed to swings in global prices.

• Domestic focus next week will be on South Africa’s leading business cycle indicator, producer inflation, money supply, private sector credit  , as well as trade and budget balance data.

• Immediate resistance is located at 16.584 (SMA 20), any close above will push the pair towards 16.755 (38.2%fib).

• Strong support is seen at 16.461(50%fib) and break below could take the pair towards 16.106(61.8%fib).

Recommendation: Good to sell  around 16.600 with stop loss of 16.800 and target price of 16.300

 

  • Market Data
Close

Welcome to EconoTimes

Sign up for daily updates for the most important
stories unfolding in the global economy.