Menu

Search

  |   Technicals

Menu

  |   Technicals

Search

FxWirePro:USD/ZAR rises as South African rand weakens amid budget talks breakdown

• USD/ZAR rose on Wednesday as  South African rand continue   to weakened following the collapse of budget talks between the DA and ANC.

• On Wednesday, South Africa's Democratic Alliance (DA) party rejected the country's contested budget as lawmakers convened to vote on it in parliament..

• The budget, originally set for February, was delayed and a revised version was presented last month. Its most contentious aspects include proposals to raise value-added tax and not adjust personal income tax brackets for inflation.

•Meanwhile, investors prepared for the looming impact of sweeping tariff announcements expected from the Trump administration   later on Wednesday.

• Immediate resistance is located at 18.750 (38.2%fib), any close above will push the pair towards 19.000(Psychological level).

• Strong support is seen at 18.499 (50%fib) and break below could take the pair towards 18.421(Daily low).

Recommendation: Good to buy around 18.550 with stop loss of 18.350 and target price of 18.700

  • Market Data
Close

Welcome to EconoTimes

Sign up for daily updates for the most important
stories unfolding in the global economy.