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USD/ZAR Analysis Today - 11/11: Market Uncertainty (Chart)
(MENAFN- Daily Forex) The USD/ZAR has opened with tranquil trading this morning and has returned to a slightly higher one week middle ground via technical charts.
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- Following a very predictable week of volatility the USD/ZAR has opened trading this morning with a slight run upwards.
- The currency pair is near the 17.62100 vicinity with a wide bid and ask spread in evidence. Last week's low in the USD/ZAR touched the 17.22600 area on Thursday in the wake of the U.S Federal Reserve interest rate cut, only to reverse higher and resume upwards realms of recent trading.
- Instead traders may want to use resistance levels that are perceived as a place to ignite wagers seeking some downside momentum that can be cashed out using take profit orders.
- The range of 17.64000 to 17.58000 may prove interesting over the next handful of hours in the USD/ZAR.
- As behavioral sentiment adjusts and begins to focus on economic data in the middle of this week, the currency pair can expect a wider range to emerge again.
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