– USD/ZAR bulls eye a bullish continuation on the break of consolidation.
– USD/ZAR bears eye a move into the bullish rally.
USD/ZAR is trading between 19.3123 and 19.1606 in the near term and within a sideways market range of 18.9929 and 19.5285.However, there is a bearish bias while below 19.3123 that will increase on a break of the various supports as illustrated on the following chart:
USD/ZAR H1 chart
USD/ZAR has been rising from the lows of May near 18.1693 but should ZAR harden, the longs will be put under heat in a long squeeze.
USD/ZAR daily chart
On the other hand, we could easily see a bullish continuation with the bullish bias intact on a break of 19.3262 and 19.5285:
Information on these pages contains forward-looking statements that involve risks and uncertainties.Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets.You should do your own thorough research before making any investment decisions.FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements.It also does not guarantee that this information is of a timely nature.
Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress.All risks, losses and costs associated with investing, including total loss of principal, are your responsibility.The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned.The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations.The author makes no representations as to the accuracy, completeness, or suitability of this information.
FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use.Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Follow us on Telegram
Stay updated of all the news
Recommended content
Editors’ Picks
EUR/USD holds onto losses near 1.0760 after FOMC minutes
Premium
[]https://www.fxstreet.com/currencies/eurusd
EUR/USD rose marginally following the release of the FOMC minutes, moving slightly away from the eight-week lows it reached during European hours at 1.0745.
The US Dollar pulled back modestly following the minutes, which showed a division among policymakers regarding support for further rate hikes
EUR/USD News
GBP/USD remains under 1.2400 following Fed’s minutes
[]https://www.fxstreet.com/currencies/gbpusd
GBP/USD remains under bearish pressure following the release of the FOMC minutes, which showed some divisions among policymakers about further rate hikes.The pair is headed towards its lowest daily close since early April.
GBP/USD News
Gold: XAU/USD aims to break the monthly low at $1,951.92
Premium
[]https://www.fxstreet.com/markets/commodities/metals/gold
Risk aversion weighs on financial markets, with the US Dollar making the most of it.XAU/USD is down for the day and pressuring daily lows in the $1,956 price zone, fueled by comments from United States House Speaker Kevin McCarthy.
Gold News
How whale activity fuels Bitcoin cycles: a 2017 vs.2023 comparison
Bitcoin (BTC) price cycles are structured around halving events that occur once roughly every four years, when rewards to miners are cut in half.
Read more
High inflation to force Bank Of England’s rate hike hand
The U.K.’s April CPI data surprised to the upside, with headline inflation and energy prices receding less than expected.
Perhaps even more importantly, for now underlying price pressures still appear to be intensifying as both core inflation and services inflation quickened.