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. See our updated Privacy Policy here.

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
Oil - US Crude
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
  • Forex liquidity makes it easy for traders to sell and buy currencies without delay, and also creates tight spreads for favorable quotes. Low costs and large scope to various markets make it the most frequently traded market in the world. Learn more here: https://t.co/arxYmtQeUn https://t.co/rFlQtyQS81
  • Canadian Dollar snapped a three-week losing streak after USD/CAD stalled at key technical resistance. Get your CAD weekly forecast from @MBForex here: https://t.co/BPHuKecwnz https://t.co/73OmuCKfU9
  • Forex quotes reflect the price of different currencies at any point in time. Since a trader’s profit or loss is determined by movements in price, it is essential to develop a sound understanding of how to read currency pairs. Learn how to read quotes here: https://t.co/CNtqrKWDBY https://t.co/KzhQnGiLyt
  • A currency carry trade involves borrowing a low-yielding currency in order to buy a higher yielding currency in an attempt to profit from the interest rate differential. Find out if the carry trade suits your trading style here: https://t.co/7t4BzmLg8w https://t.co/cuneuJNZlH
  • Get your snapshot update of the of top level exchanges and key index performance from around the globe here: https://t.co/d8Re5anlG5 https://t.co/danCiP5vqK
  • Traders utilize varying time frames to speculate in the forex market. The two most common are long- and short-term-time frames which transmits through to trend and trigger charts. Learn more about time-frame analysis here: https://t.co/9S5tXIs3SX https://t.co/JhYoQ7I19K
  • The Nasdaq 100 index is aiming to breach a key resistance level at 14,950 for a second time. A successful attempt may open the door to further gains, although the MACD indicator flags signs of weakness. Get your equities forecast from @margaretyjy here: https://t.co/BEYupi32qB https://t.co/PWeXE8tZVY
  • Currency exchange rates are impacted by several factors. Are different world leaders a contributing factor? Find out here: https://t.co/4jsORznRTE https://t.co/t34kotPE8R
  • Many people are attracted to forex trading due to the amount of leverage that brokers provide. Leverage allows traders to gain more exposure in financial markets than what they are required to pay for. Learn about FX leverage here: https://t.co/BdgFmkRxVw https://t.co/lM1OIJdjhr
  • Trading Forex is not a shortcut to instant wealth, excessive leverage can magnify losses, and sentiment is a powerful indicator. Learn about these principles in depth here: https://t.co/lZFM8youtX https://t.co/6qGEVjDlN6
South Africa update: USD/ZAR Soars Towards 15.00, SA unrest weighs on the Rand

South Africa update: USD/ZAR Soars Towards 15.00, SA unrest weighs on the Rand

Tammy Da Costa, Markets Writer

USD/ZAR Forecast:

  • Riots continue throughout South Africa, Rand slumps as investors seek refuge in the Dollar
  • USD/ZAR breaks above trendline resistance
  • US Inflation data may further assist in catalyzation of price action for USD/ZAR

SA Riots and Looting Persist, Economy Stands to a Halt

South Africa remains on high alert as masses of looters and protestors continue to destroy shopping malls, factories, businesses and private property, in ‘protest’ of the arrest of former SA President, Jacob Zuma who is currently facing a 15 month prison sentence on charges of contempt.

With damages already expected to exceed Billions of Rands, the military are now faced with the tough task of restoring peace to the already struggling economy.

As political tensions continue to rise and economic output remains well-below average, the release of US Inflation data later today may further assist in the catalyzation USD/ZAR price action as investors continue to look for signs of Fed tapering.

South Africa update: USD/ZAR Soars Towards 15.00, SA unrest weighs on the Rand

DailyFX Economic Calendar

USD/ZAR Price Setup

USD/ZAR price action currently remains in favor of the bulls with the Relative Strength Index (RSI) rising towards 70, potentially confirming the bullish narrative.

After breaking above critical trendline resistance. Prices are now rising towards the next level of resistance of 14.82, formed by 23.6% retracement level of the 2020 – 2021 move.

If prices are able to break above 14.82 and the key psychological resistance of 15.00, USD/ZAR may be poised for further upside and a probable change in the direction of the systemic, prominent trend.

USD/ZAR Daily Chart

South Africa update: USD/ZAR Soars Towards 15.00, SA unrest weighs on the Rand

Chart prepared by Tammy Da Costa, IG

--- Written by Tammy Da Costa on behalf of 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