USD/ZAR Outlook: Rand Resilient Despite Revealing Quarterly Bulletin

The U.S. stimulus discussion may be prompting a Dollar sell-off, but local fundamentals point to long-term ZAR weakening toward the end of 2021 and 2022. The short-term bullish outlook should prices respect trendline support will come from the 15.0000 psychological resistance level.

The Relative Strength Index (RSI) has dipped slightly below the midpoint 50 level on the index which favors downside momentum. This could swing either way after the aforementioned economic announcements are digested so monitoring these updates are important for the week ahead.

USD/ZAR: KEY TECHNICAL POINTS TO CONSIDER

  • Weekly: Rectangle pattern persisting
  • Daily: 15.0000 resistance
  • 15.1014 swing high
  • 14.6131 swing low
  • 14.5000 support
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