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CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 69% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money. CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 69% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money.

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Rand dollar outlook: USD/ZAR gains, JSE SA 40 Index tests key level

USD/ZAR regains bullish momentum after rebounding off of psychological support; US dollar strength remains a threat to the volatile rand and South African shares trade higher as the mining sector strengthens.

Source: Bloomberg
Forex Indices South African rand United States dollar USD/ZAR Market sentiment
Written by: Tammy Da Costa | Analyst, DailyFX, Johannesburg
Publication date:

Dollar rand bounces off support after retreating from 17.00 earlier

USD/ZAR is trading slightly higher on the day after retreating from the 17.00 handle earlier this week. For the Emerging market currency (EM), the recent Fed rate decision and softer US economic data allowed the rand to strengthen before rebounding off of the 16.40 handle, currently holding as support.

While the volatile rand remains vulnerable to USD strength, a few technical levels have contributed to the recent move, providing both support and resistance for price action.

USD/ZAR daily chart

Source: TradingView

For bullish continuation to prevail, USD/ZAR would need to rise above 16.753 (23.6% Fibonacci of the Aug 2020 – June 2021 move) raising the prospects for a retest of 17.00. A break of both these levels would then open the door for this month’s high at 17.305.

At the time of writing, mining giants Anglo American Plc and Impala Platinum Holdings Plc are market leaders gaining 3.78% and 3.63% respectively while Aspen Pharmacare Ltd leads losses, currently trading around 4.52% lower for the day.

SA 40 Index (JSE Top 40) technical analysis

Source: TradingView

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This information has been prepared by IG, a trading name of IG Markets Ltd and IG Markets South Africa Limited. In addition to the disclaimer below, the material on this page does not contain a record of our trading prices, or an offer of, or solicitation for, a transaction in any financial instrument. IG accepts no responsibility for any use that may be made of these comments and for any consequences that result. No representation or warranty is given as to the accuracy or completeness of this information. Consequently any person acting on it does so entirely at their own risk. Any research provided does not have regard to the specific investment objectives, financial situation and needs of any specific person who may receive it. It has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such is considered to be a marketing communication. Although we are not specifically constrained from dealing ahead of our recommendations we do not seek to take advantage of them before they are provided to our clients. See full non-independent research disclaimer and quarterly summary.

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CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 69% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money. Clients can lose more than they deposit. All trading involves risk.

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