Chart of the Day: USD/ZAR

Blake Morrow Forex Analytix

The USD/ZAR and other emerging market currencies have been getting a lot of attention already this week as they have shown some weakness, despite the "bid" in risk assets. The USDZAR should garner some attention as we held the June lows on a retest in July before the rally the last few sessions. The 38% Fibonacci retracement held the rally today at the 17.4580 level. However, a break of the 17.5000 level could trigger a double bottom formation sending the pair back towards the 19.00 level in the weeks ahead.

Author

Blake Morrow

Forex Analytix

Blake Morrow spent most of his professional career as the Chief Currency Strategist for Wizetrade group for 15 years, and then the Senior Currency Strategist for Ally Financial after the acquisition of Tradeking which owned the Wizetrade Group.

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