Menu

Search

  |   Technicals

Menu

  |   Technicals

Search

FxWirePro: USD/ZAR downside pressure builds, key support level in focus

• USD/ZAR fell  sharply on Wednesday as stronger South African inflation data lifted expectations for a rate hike next week, supporting the rand.

• Headline inflation accelerated to 4.0% YoY in April from 3.1% in March, marking the highest level since August 2024, driven largely by a sharp rise in fuel prices linked to the U.S.-Israeli war against Iran...

• Separate data from Statistics South Africa showed retail sales increased 2.6% year-on-year in March, following a 1.6% rise in February.

• Like other risk-sensitive currencies, the rand often takes cues from global drivers, in addition to domestic economic data.

• Immediate resistance is located at 16.485 (50%fib), any close above will push the pair towards 16.559(SMA 20).

• Strong support is seen at 16.314 (Lower BB) and break below could take the pair towards 16.172(38.2%fib).

Recommendation: Good to sell  around 16.480 with stop loss of 16.800 and target price of 16.100

  • Market Data
Close

Welcome to EconoTimes

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