USD/ZAR Analysis Today- 01/07: Gap Lower After Seats (Chart)

(MENAFN- Daily Forex) The USD/ZAR gapped lower in early trading this morning; this followed the formal announcement in South Africa last night ministerial seats have been agreed upon by the coalition government USD/ZAR pair briefly dropped to the 17.97700 ratio in early trading this morning gap lower has been delivered on the heels of South Africa announcing that coalition Political parties have formally agreed to Minister posts Friday the USD/ZAR was trading near the 18.52455 mark, when the currency pair suddenly began to create a bearish trend downwards appears some large traders had insights regarding the potential of the coming weekend political deal into the weekend the USD/ZAR was near the 18.12350 vicinity morning\u0026rsquo;s dive lower shows that behavioral sentiment has taken another positive turn among financial institutions based on the hope South African will work to improve issues which have been problematic in the nation. The ability to drop momentarily below the 18.00000 level early this morning needs to be taken seriously and may be a sign that additional bearish strength will still be displayed Momentum of the USD/ZARThe USD/ZAR will certainly still see reversals higher and there will be nervous days moving forward, but the optimism being seen in the currency pair may find that it is able to trend further. The USD/ZAR still needs to be wagered on by day traders with conservative risk taking tactics, but support levels may prove to be vulnerable until financial institutions feel equilibrium has been fully attained need to keep in mind the U.S will celebrate Independence Day on the 4th of July, meaning a long holiday weekend will be seen and volumes in global Forex will start to diminish significantly this Wednesday. However, until then USD/ZAR traders will have an opportunity to contemplate potential moves. The current price of the USD/ZAR as of this writing is near 18.08440. 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, }Resistance Levels as an Ignition Switch for Moves Lower in the USD/ZARAgain, the new coalition government in South Africa has tough work ahead and problems in the nation will not be easily solved. Financial institutions may become cautious with the USD/ZAR and its trading range within its current values may start to produce a tighter realm levels of the USD/ZAR will prove interesting today and tomorrow, perhaps values above the 18.10000 ratio may be looked at as potential areas to consider reversals lower for conservative traders looking for renewed selling momentum 18.00000 ratio will certainly be watched in the coming days and may prove a target, but it may be overly ambitious traders should remain cautious and use take profit orders to cash out winning positions if they develop/ZAR Short Term Outlook:Current Resistance: 18.09695Current Support: 18.06010High Target: 18.14300Low Target: 17.94960

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