USD/ZAR: Short-term pullback towards 18.35 on the cards – SocGen

Market news

23 August 2023

USD/ZAR: Short-term pullback towards 18.35 on the cards – SocGen

The Rand is down over 9% YTD. Economists at Société Générale analyze USD/ZAR technical outlook.

Break above 19.35 essential to affirm next leg of uptrend

USD/ZAR approached projections at 17.40/17.35 last month and quickly reclaimed the 200-DMA resulting in a swift bounce. The move has petered out near interim hurdle of 19.35 representing the 76.4% retracement from June.

A short-term pullback can’t be ruled out towards 18.35 and the MA near 18.10. This could be an important support.

A break above 19.35 would be essential to affirm next leg of uptrend.

EUR/USD: Weakness through the mid/upper-1.08s leaves the technical undertone looking soft – Scotiabank

United States MBA Mortgage Applications fell from previous -0.8% to -4.2% in August 18

Market Focus

Material posted here is solely for information purposes and reliance on this may lead to losses. Past performances are not a reliable indicator of future results. Please read our full disclaimer

Open Demo Account & Personal Page

Personal area

support@teletradepartners.com

Risk Warning: Trading in the financial markets (including trading on margin) provides a wide range of opportunities and enables investors ready to take risks to make high profits, but it carries a potentially high level of risk of loss. Therefore, prior to trading you should take into careful consideration whether such operations are suitable for you in terms of your level of knowledge and financial situation.