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Forex pairs in this Article » EUR/USD, USD/ZAR
FXstreet.com (Barcelona) - It has fairly slow day for the rand, which edges slightly weaker with a heavy global backdrop, though yesterday's high of 8.7500 is still intact. The pair continues to navigate through negative territory, despite trading within sights of its opening price levels. At the time of writing, the cross has settled in the area of 8.7199/08, down a meager -0.03% during European trading.

According to the FXMarket Alert Team, "The USDZAR has remained range trading between 8.60-8.80/2 since October 10, thus there is little in terms of positions to cover. For now, as long as EURUSD is leaning towards 1.2700 and S&P futures continue pullback, the bias will be for a USDZAR bullish run. Should S&P futures break below 200-day SMA of 1369.40, this will be a constructive signal for USDZAR to retest the 8.7500 level."

Briefing the technical layout, FX Independent analysts have determined the next supports to lie at 8.6543, followed by 8.5847, onto 8.5384. Conversely, any prolonged upward movement or thrust will instigate an encounter with resistive means located at 8.7702, 8.8165, and finally 8.8861.
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