News & Analysis at your fingertips.

We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site.

0

Notifications

Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events

0

Economic Calendar

Economic Calendar Events

0
Free Trading Guides
Subscribe
Please try again
EUR/USD
Bearish
Oil - US Crude
Mixed
Wall Street
Bearish
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
Gold
Mixed
GBP/USD
Bearish
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
USD/JPY
Bullish
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
More View more
Real Time News
  • Get your snapshot update of the of relative currency strength and exchange status from around the globe here: https://t.co/H19vRDCpUJ https://t.co/S74APOiQ3y
  • Two of the main Euro-pairs, $EURUSD and $EURGBP, are being driven by very different drivers. Get your market update from @nickcawley1 here: https://t.co/Vd32Y6HKEr https://t.co/Lgb5z5V1Xa
  • Recessions can devastate the economy and disrupt the fortunes of individuals, businesses, and investors. But economic decline in the business cycle is inevitable, and your trading can be defined by how you respond to crisis. learn how to prepare here: https://t.co/e4CnobJCss https://t.co/9uPXNvDBS5
  • We ended this past week with another cliffhanger. The $SPX teeters on the edge of a breakdown from the post-pandemic recovery. While we have NFPs and other key data ahead, the markets are likely to remain fixated on yields. My outlook for next week: https://www.dailyfx.com/forex/video/daily_news_report/2021/02/27/SP-500-Dollar-Reversal-Hinge-Not-On-NFPs-but-Markets-Risk-Imagination.html?ref-author=Kicklighter&QPID=917719&CHID=9 https://t.co/mlNDDyTgex
  • Make smart trading decisions with your free guide to trade the news. Download your free guide here.https://t.co/pb5E2KgRzW #DailyFXGuides https://t.co/70ZOJ0ZMwF
  • Looking for a new way to trade reversals? One of the most used reversal candle patterns is known as the Harami. Like most candlestick formation patterns, the Harami tells a story about sentiment in the market. Get better with trading reversals here: https://t.co/rfwUWJfbz9 https://t.co/SyroornFf5
  • MACD who? The Moving Average Convergence Divergence (MACD) is a technical indicator which simply measures the relationship of exponential moving averages (EMA). Find out how you can incorporate MACD into your trading strategy here: https://t.co/ZNs4QhQGQ6 https://t.co/KrMcyZZqO7
  • The Reserve Bank of Australia (RBA) rate decision may spark a bullish reaction in $AUDUSD as the central bank is expected to retain the current course for monetary policy. Get your market update from @DavidJSong here: https://t.co/WbcR9ER0qT https://t.co/TynsqCtPQ6
  • Gold has broken below a critical support confluence we’ve been tracking for months now and the risk remains for further losses while below this threshold in the weeks ahead. Get your $XAUUSD market update from @MBForex here:https://t.co/xgN2obaIWR https://t.co/H71ufPNkPg
  • Knowing how to accurately value a stock enables traders to identify and take advantage of opportunities in the stock market. Find out the difference between a stock's market and intrinsic value, and the importance of the two here: https://t.co/QszmdZFxlk https://t.co/Evr5KgUjVo
Rand Dollar Forecast: USD/ZAR Dances Sideways into the New Year

Rand Dollar Forecast: USD/ZAR Dances Sideways into the New Year

Tammy Da Costa, Markets Writer

USD/ZAR Outlook:

  • USD/ZAR price action remains flat as volatility subsides
  • Fundamentals likely to catalyze price action into 2021
  • USD/ZAR Battle between Bulls and Bears to continue
Advertisement

South Africa’s Somber and Sober Old Year’s Eve

South Africa is now facing the wrath of the second wave of the coronavirus pandemic, with the discovery of the new variant and the implications of tighter restrictions weighting heavy on the Rand. Even though the economy is still facing the crippling effects of the first national lockdown, where corruption, income disparities and cracks in the country’s political system became apparent; the rapid surge in new cases has resulted in stricter restrictions, including another alcohol ban, an industry accounting for a large portion of South Africa’s Tax Revenue.

Visit the DailyFX Educational Center to discover why news events are Key to Forex Fundamental Analysis

Meanwhile, US Dollar weakness continues to prevail, catalyzing the demand for Emerging Market (EM) currencies and capping the gains of bulls trading USD/ZAR.

Introduction to Forex News Trading
Introduction to Forex News Trading
Recommended by Tammy Da Costa
Introduction to Forex News Trading
Get My Guide

USD/ZAR Technical Analysis

USD/ZAR continues to trade below the key psychological level of 15.00, buoyed by USD weakness. However, price action appears to be confined at a key level of support at 14.488, formed by the 61.8% Fibonacci retracement level of the move between 2018 and 2020. On the weekly chart, the Relative Strength Index (RSI) is bordering 30, potentially indicating that the pair may still be entering into oversold territory.

USD/ZAR Weekly Chart

USD/ZAR Weekly Chart

Chart prepared by Tammy Da Costa, IG

Meanwhile, on the daily chart, price action remains within the confluent zone formed by the descending trendline and current support.

Starts in:
Live now:
Mar 01
( 11:03 GMT )
Join James Stanley's Price Action Webinar
FX Week Ahead: Strategy for Major Event Risk
Register for webinar
Join now
Webinar has ended

If support is broken, selling pressure may resume into the new year, with bears eager to test January 2020 levels, when the pair traded at 13.923. On the contrary, an increase in demand for safe-haven currencies, may result in US Dollar strength, driving price action above the trendline, with the 50% Fibonacci level providing resistance at 15.417.

USD/ZAR Daily Chart

USD/ZAR Daily Chart

Chart prepared by Tammy Da Costa, IG

--- Written by Tammy Da Costa, Market Writer for DailyFX.com

Contact and follow Tammy on Twitter: @Tams707

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

DISCLOSURES