USD/ZAR Analysis Today - 20/05: Mid-Term Support (Chart)

(MENAFN- Daily Forex) The USD/ZAR has continued its incremental move lower, and as of this morning\u0026rsquo;s Forex is near very visible technical mid-term support levels price of the USD/ZAR as of this morning is near 18.13250 with rapid fluctuations occurring currency pair challenged the 18.10000 vicinity before, and it is now clearly bouncing along important technical mid-term support levels which were last seen on the 15th of December 2023 Africa will conduct its national election next Wednesday on the 29th of May. The outcome from the vote lacks clarity and this will likely cause financial institutions anxiety as the coming days draw closer regarding South Africa\u0026rsquo;s leadership decisions. The USD/ZAR has enjoyed a robust bearish turn since late April and its ability to correlate with the broad Forex market is crucial/ZAR Key Mid-Term Support and Speculative NotionsAs the USD/ZAR traverses its current depths and touches ground last seen in December via a six month chart, speculators certainly will have their technical perceptions tested and have to make decisions regarding fundamental beliefs. The USD/ZAR also traded at its current lows briefly in November of 2023. And before the November and December lows were produced momentarily, the USD/ZAR last traded the 18.13000 ratio on the first day of August 2023, when the USD/ZAR was trading at the 18.13000 level on the 1st of August last year, the currency pair was in the midst of a bullish move after touching a low of nearly 17.41000 on the 27th of July. From the end of the second week of July until the 1st of August 2023, the USD/ZAR spent a solid amount of time trading below the 18.00000 level. Top Forex Brokers 1 Get Started 74% of retail CFD accounts lose money Read Review BrokerGeoLists({ type: \u0027MobileTopBrokers\u0027, id: \u0027mobile-top-5\u0027, size: 5, getStartedText: \u0060Get Started\u0060, readReviewText: \u0060Read Review\u0060, }); var Top5PanelSections = { Logo: \u0027broker_carrousel_i\u0027, Button: \u0027broker_carrousel_n\u0027, }USD/ZAR Short-Term Dangers and Nervous ThoughtsBefore a speculator blindly wagers on the USD/ZAR moving lower however, many questions need to be considered. The mindset of financial institutions may be leaning towards a weaker USD mode, but the coming election in South African will cause nervousness. Also, there is the notion that large USD sellers may be getting too far ahead of themselves is a nervous thought for short and near-term traders current price of the USD/ZAR should be treated carefully. Lower nearby targets sought by sellers should use take profit orders the USD/ZAR is correlating to the broad Forex market, domestic concerns in South African have not disappeared as economic worries remain centric weakness has been strong, but the possibility that choppiness is ahead after a strong selloff the past few weeks is a consideration 18.12000 to 18.14000 range short-term in the USD/ZAR will prove intriguing/ZAR Short Term Outlook:Current Resistance: 18.13610Current Support: 18.13050High Target: 18.17100Low Target: 18.10100

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