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  • Wednesday 8 May 2019

    South African Rand Shows Strength ahead of Elections

    The National Elections are taking place today in South Africa as most South Africans will be going to the voting stations to choice a government of their choice, this will greatly impact the markets today as the counting of results will be beginning in not very long. we have done some analysis on the South African Rand and the charts to come up with positive outlook on the Rand which will cause some selling in the UsdZar currency pair.

    We have shared our views on the analysis below on the UsdZar currency pair to help you trade the elections more effectively.

    UsdZar Technical Look

    On the daily chart the market has successfully did a rebound between the OTE and BAT zone which confirmed a swing formation on the UsdZar. Price has struggled to break the 14.51 resistance area.

    The Four Hourly chart is also showing some interesting sell opportunities, the market broke the trendline which marks the start of a new trend which opens room for more sells in the market. the green marked line indicates the high resistance area which price has again failed to break revealing more downside potential to the market.

    Sifiso Nkwanyana

    Author & Editor

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