2021-08-19 • Updated
The fresh resurgence of Covid-19 cases and Fed’s Meeting Minutes drove USD/ZAR above the psychological mark of 15.00. It has failed to break above the 15.25 resistance level so far. However, if it manages to do so, the pair may rocket to the next round number of 15.50, which is near the high of March 8.
Rand bulls were encouraged by the retail sales data for June as actual numbers (10.4%) exceeded market expectations of 9.6%. However, it is not so significant factor for the USD/ZAR currency pair. The main driver is the upcoming Fed meeting. Even market expectations of this event are affecting the US dollar and thus USD/ZAR.
On August 18, the Fed has revealed Meeting Minutes – a detailed record of its latest event. After watching it, investors have become more confident that the Fed may start slowing down its financial support (tightening the policy) already this year! It is expected that tapering will likely take place between September 2021 – December 2021. It is positive news for the US dollar.
USD/ZAR may move sideways between 15.00 and 15.25 for a while as the RSI indicator is close to 70.00, signaling the asset is overbought. Thus, we might expect a pullback to 15.00 and then reverse up again. However, the current strength of the US dollar makes the breakout above 15.25 very likely!
Crude oil futures surged on Monday due to disruptions in Russian refining capacity caused by Ukrainian drone strikes and Moscow's decision to cut output to comply with OPEC+ targets. The West Texas Intermediate (WTI) contract for May settled at $81.95 a barrel, up $1.32, while the Brent contract for May settled at $86.57 a barrel, also up $1.32. Russia instructed...
Bearish scenario: Sales below 80.00 with TP1: 79.60... Anticipated bullish scenario: Intraday purchases above 80.70 with TP: 81.50...
Brent oil is currently on a bullish trend, facing resistance near $84 and supported by the 200-day EMA. Breaking above this level could lead to a climb towards $90. Short-term support is observed around $80, backed by the 50-day EMA. As summer approaches and travel increases, crude oil tends to benefit from seasonal patterns. Despite temporary setbacks, buying...
Jerome H. Powell, the Federal Reserve chair, stated that the central bank can afford to be patient in deciding when to cut interest rates, citing easing inflation and stable economic growth. Powell emphasized the Fed's independence from political influences, particularly relevant as the election season nears. The Fed had raised interest rates to 5.3 ...
Hello again my friends, it’s time for another episode of “What to Trade,” this time, for the month of April. As usual, I present to you some of my most anticipated trade ideas for the month of April, according to my technical analysis style. I therefore encourage you to do your due diligence, as always, and manage your risks appropriately.
Bearish scenario: Sell below 1.0820 / 1.0841... Bullish scenario: Buy above 1.0827...
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Don’t waste your time – keep track of how NFP affects the US dollar and profit!
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