Skip to Content
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.



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

Live Webinar

Live Webinar Events


Economic Calendar

Economic Calendar Events

Free Trading Guides
Please try again
More View More
USD/ZAR Forecast: US Dollar Goes to War with Resilient Rand

USD/ZAR Forecast: US Dollar Goes to War with Resilient Rand

Tammy Da Costa, Analyst
What's on this page


Visit DailyFX Education to discover how to trade the impact of Politics on Global Markets

Rand Resilience Holds Firm Despite Elevated Geopolitical Risks

USD strength has recently weighed on the volatile Rand as the war between Russia and Ukraine remains at the forefront of risk sentiment.

Despite a fairly optimistic South African budget speech earlier this week, a shift in the global geopolitical environment prevented the USD/ZAR from falling below the key psychological level of 15.000 as investors fled to the safe-haven Dollar.

Given an increase in the severity of sanctions imposed against Russia and its president Vladimir Putin, the invasion of the Ukraine capital has raised additional concerns over supply constraints which have already exacerbated the effects of rising inflation.

However, unlike other EM (emerging market) currencies who have succumbed to the pressure of safe-haven retreat, commodity rich South Africa has remained fairly competitive against the greenback as a surge in the price of metals supports the ZAR.


After temporarily falling below 15.000 earlier this month, the global fundamental backdrop has allowed USD bulls to retaliate, driving price action back towards the lower bound of the longer-term channel while threatening the upper bound of the short-term bearish channel.


Chart prepared by Tammy Da Costa using TradingView

As the key psychological levels of 15.000 and 16.000 remain as critical support and resistance for the imminent move, the 50 and 200-day MA (moving average) is currently encapsulating price action, pushing the pair into a potential zone of consolidation.

USD/ZAR Daily Chart

Chart prepared by Tammy Da Costa using TradingView

Trade Smarter - Sign up for the DailyFX Newsletter

Receive timely and compelling market commentary from the DailyFX team

Subscribe to Newsletter

--- Written by Tammy Da Costa, Analyst for

Contact and follow Tammy on Twitter: @Tams707

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