$USDZAR $USD Climbs Against South African Rand -
is on its back foot. That being said, a pullback at this point more likely than not will face a significant amount of support at the 16.50 level, an area that is a round figure that a lot of people pay close attention to.Looking at this move, you can see that we had broken above a significant resistance barrier in that area, and now it looks like we are ready to go much higher given enough time.
South Africa continues to be a place that people won’t want to throw money at right now, as commodities are taking a nosedive. Remember, the South African economy is highly sensitive to hard assets as it is a major commodity producer. If there is in fact going to be a global slowdown, it makes quite a bit of sense thatall suffer.
unless we see massive stimulus again, which given enough time we probably will, currencies like the ZAR will continue to suffer.
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