USD/ZAR Trade Insight

[USD/ZAR Trade Insight]

USD/ZAR

 

Analysts are split 50/50 on whether we are going to get a downgrade from ratings agencies on Friday, and with it generally occurring after market we could be waking up on Monday morning with a very ugly hangover. The Rand has strengthened against the Dollar, coming back to test support around 13.95 and whilst we have made a lower high over the last week, the pair is trading in a bullish (for the USD) upward channel and the current price action would still be considered a bullish consolidation with an upside target for buyers of the Dollar around 14.24 and 14.48 in extension. 13.80 could be considered as a stop loss for those favouring the upside move, as we see a confluence of rising and horizontal support in place.

 

Caution trading around news events as this can lead to increased volatility and gaps in price.

 

Courtesy of Leigh Riley

Premium Client Manager

 

Share your thoughts on the above, what could be the impact of a downgrade from the rating agencies and what is the likely impact on ZAR?

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