Rand Pulls Again Pending Subsequent Week’s SARB Assembly | Worth Ninja Membership Monetary Replace

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USD/ZAR ANALYSIS

  • USD/ZAR respecting Fibonacci resistance
  • Vaccine optimism gaining favor
  • Key South African financial information scheduled subsequent week

VACCINE AFFIRMATION TO BE CONFIRMED

South Africa patiently awaits readability on vaccine negotiations and rollout methods. Whereas President Cyril Ramaphosa touched on vaccine procedures and sources in his tackle earlier this week, concrete dates and figures are nonetheless but to be revealed. With file ranges of infections and rising dying charges, vaccine arrivals can’t come sooner. The announcement that 1.5 million doses will arrive this month from India has introduced some respite and positivity amongst the general public and monetary markets. Success of the vaccine would be the subsequent space of debate however for now receiving the vaccine is on the forefront for South Africans.

TECHNICAL ANALYSIS

USD/ZAR DAILY CHART

Chart ready by Warren Venketas, IG

In my article earlier this week I discussed the 15.4865 resistance stage as a possible reversal level which has since been established after the Rand pulled again a few of its misplaced beneficial properties. Worth motion suggests additional assist may be seen on the 15.0000 psychological stage.

If a confirmed break beneath 15.0000 ensues, this might mark the continuation of the long-term downtrend from mid-2020. Subsequent assist would then be in focus between the 61.8% Fibonacci (14.5606) and 14.5000 ranges. The Relative Energy Index (RSI) signifies slowing bullish momentum which helps this bearish bias.

SOUTH AFRICAN ECONOMIC DATA IN FOCUS NEXT WEEK

Subsequent week’s highlight shall be on the SARB rate of interest determination (see calendar beneath). The bulk consensus (17/20) is that the Reserve Financial institution will preserve the present 3.50% repo price with 3/20 economists anticipating a 25bps foundation lowerSupply: Reuters. We all know that the Financial Coverage Committee (MPC) will base their choices on information which might go towards the present majority economist outlook due to this fact, the potential for a shock lower shouldn’t be utterly disregarded.

Retail Gross sales information for November has additionally been pushed ahead to subsequent week (beforehand scheduled for January 13, 2021) whereas December’s inflation information additionally options on the agenda. Inflation figures usually are not anticipated to be favorable however any constructive variation could spark value swings within the Rand.

dailyfx economic calendar

Supply: DailyFX Financial Calendar

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USD/ZAR: KEY POINTS TO CONSIDER MOVING FORWARD

  • 15.4865 resistance and 15.0000 assist ranges
  • Native vaccine rollout and instances
  • Rate of interest announcement subsequent week

— Written by Warren Venketas for DailyFX.com

Contact and observe Warren on Twitter: @WVenketas

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