South African Rand Outlook:

Regardless of dismal financial knowledge, rising market currencies proceed to strengthen as traders flock in the direction of excessive yield currencies. In the meantime, Fibonacci ranges proceed to carry robust because the ZAR continues to check key Fibonacci ranges.

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USD/ZAR Technical Evaluation

With the Fed fee resolution on the horizon, volatility is anticipated to extend, notably within the US session later at present. In the meantime, South Africa is anticipated to ease restrictions because the financial system seems to open up as soon as once more, following the Coronavirus pandemic. From a technical standpoint, the 50 day Transferring Common has crossed under the 200 day Transferring Common, simply in need of the psychological degree of 17.00.

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USD/ZAR Day by day Chart

South African Rand Forecast: USD/ZAR, GBP/ZAR, EUR/ZAR Setups

Chart ready by Tammy Da Costa, IG

EUR/ZAR Technical Evaluation

The Euro power has been within the highlight because the foreign money continues to strengthen in opposition to its counterparts. In the meantime, the EUR/ZAR is lurking across the 61.8% Fibonacci retracement degree whereas the MACD stays under zero

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EUR/ZAR Day by day Chart

South African Rand Forecast: USD/ZAR, GBP/ZAR, EUR/ZAR Setups

Chart ready by Tammy Da Costa, IG

GBP/ZAR Technical Evaluation

The GBP/ZAR is presently hovering across the 38.2% Fibonacci retracement degree whereas the psychological degree of 21.2 continues to carry bulls at bay. The Relative Energy Index (RSI) is nearing 30, a attainable indication that the pair could also be nearing oversold territory.

GBP/ZAR Day by day Chart

South African Rand Forecast: USD/ZAR, GBP/ZAR, EUR/ZAR Setups

Chart ready by Tammy Da Costa, IG

— Written by Tammy Da Costa, Market Author for DailyFX.com

Contact and observe Tammy on Twitter: @Tams707