USD/ZAR Analysis Today - 30/09: Strong Bearish Momentum

(MENAFN- Daily Forex) Lower price action going into the weekend for the USD/ZAR has been sustained in early trading today as the currency pair tests technical lows not seen since January of 2023 USD/ZAR exchange rate is near the 17.08600 level as of this writing with typical fast fluctuations being displayed, the lower price realms of the USD/ZAR now being demonstrated continue to show financial institutions are bearish and remain sellers USD/ZAR went into the weekend moving lower and able to create price velocity that day traders should take into account who were looking for slight reversals higher the past couple of days have likely not been able to achieve much success inflation numbers from the U.S on Friday helped sustain USD centric weakness and took the broad Forex market lower. The USD/ZAR has correlated to the global market and because of optimistic notions about the South African coalition government, financial institutions may be able to stay focused on U.S data and thoughts about the Federal Reserve. 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, Logo: \u0027broker_carrousel_i\u0027, Button: \u0027broker_carrousel_n\u0027, });Lower Momentum and Choppy Support to ComeOn Thursday of last week the USD/ZAR was trading near the 17.35000 mark when another dose of U.S economic data provided large traders\u0026rsquo; additional evidence the U.S Fed may be able to stay aggressively dovish. The U.S will publish its monthly jobs reports this coming Friday and this will create a shadow over Forex and the USD/ZAR in the short and near-term as financial institutions prepare for the data outcome lower momentum in the USD/ZAR may be a sign of too much selling which could create choppy conditions over the next couple of days. The 17.0000 level will become a key psychological mark. If the level is challenged it might make sense that reversals higher could develop in the near-term. Until the U.S jobs numbers are printed on Friday there will not a huge amount of influence on Forex and the USD/ZAR regarding new sentiment Values for the USD/ZAR SeenThe ability of the USD/ZAR to move lower last week and sustain depths is a solid bearish signal. But traders need to be cautious because there is a chance financial institutions may have gotten a bit too far ahead of their outlooks the USD/ZAR to continue trading lower there will need to be more insight from lackluster U.S economic data which would mean the U.S Fed is going to remain dovish over the mid-term should expect choppy and perhaps sideways conditions with quick developing reversals that maintain the current price realms until the U.S jobs report on Friday of this week/ZAR Short Term Outlook:Current Resistance: 17.10600Current Support: 17.07050High Target: 17.15700Low Target: 17.03600

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