USD/ZAR Analysis Today 24/03: Lower Values Intrigue (Chart)

(MENAFN- Daily Forex) The USD/ZAR has remained stable and continues to correlate to the broad Forex market, the currency pair is near 18.17290 in early trading this morning and has shown a healthy test of its lower realms.

The USD/ZAR is trading within a known price range early today, as financial institutions continue to show they are tranquil when transacting the currency pair. Bids and asks are producing a spread that should be treated carefully by day traders. Entry price orders are advised with the USD/ZAR to limit surprises.

While domestic political debate within South Africa has gotten louder, the USD/ZAR continues to exhibit comfortable results. A low around the 18.00000 level was produced last Tuesday, but from there a reversal higher took the currency pair to a momentary high of nearly 18.28000 on Wednesday. Since last week's early choppiness a range between 18.10000 and 18.25000 has been demonstrated.

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Speculators in the USD/ZAR have to use tactical risk taking at all times. There is a constant threat the USD/ZAR can suddenly spike. When flourishes of strong movement occur in the USD/ZAR it typically is to the upside, but it must be said the currency pair is within the lower realm of its one and three month charts and has been demonstrating bearishness. However, the USD/ZAR is only in the middle of its six month chart.

While financial institutions globally have seemingly become calmer about rhetoric coming from the U.S White House, some currency pairs like the USD/ZAR remain within elevated values which occurred after the U.S election. The threat of tariffs and sanctions continues to shadow, but the ability to test lower mid-term prices is a healthy sign for the USD/ZAR at this time. If large commercial trader remain tranquil the USD/ZAR can still trade lower Speculation and Conservative Approaches

Sentiment remains an important part of the USD/ZAR results. The short-term range did test highs on Friday before going into the weekend, but this morning's price action has provided more selling. The ability of the USD/ZAR to test its lower support levels may prove to be an interesting target for traders who believe upside dangers are still limited in the near-term.

Conservative speculators may want to use perceived resistance levels to look for downside.
However, day traders should also note that financial institutions may believe the current price levels of the USD/ZAR are fair value and continue use the range which has developed the past few days as zone to guide them.
Stronger impetus to the downside could emerge if global financial markets show risk appetite today and tomorrow, but in the short-term conservative goals are encouraged in the USD/ZAR.

EURUSD Chart by TradingViewUSD/ZAR Short Term Outlook:

Current Resistance: 18.18100

Current Support: 18.16990

High Target: 18.22300

Low Target: 18.13200

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