The USDZAR is breaking higher after pulling back a little over the 50% retracement of the Dec 2019 lows to March 2020 highs. The rally (currently) has reached the 38% Fibonacci retracement, but the RSI suggests we may have higher to go. If this is the case, we may have to keep an eye on the SPX (overlayed in orange) which has not flinched at the idea that the ZAR is under pressure. However, when the EM (emerging market) currencies like the ZAR, MXN, TRY, RUB etc are under pressure it could be signalling that "risk aversion" may be coming soon. With triple witching options expiration tomorrow, we need to keep a watchful eye on equity indexes and EM currencies. 

Any reviews, news, research, analysis, prices or other information contained on this website is provided as general market commentary, does not constitute investment advice and may undergo changes from time to time. Trading the Financial and Currency Markets on margin carries a high level of risk and may not be suitable for all investors. The high degree of leverage can work against you as well as to your favor. Before entering trading Financial and Currency Markets, you should carefully consider your investment objectives, level of experience and risk appetite. There is a possibility that you could sustain a loss of some or more of your initial investment and therefore you should not invest money which you cannot afford to lose. You should be aware of all the risks associated with Financial and Currency Markets trading, and in case you have any doubt, rather seek advice from an independent financial advisor. FOREXANALYTIX LLC, its owners, employees, agents or affiliates do not give investment advice, therefore FOREXANALYTIX LLC assumes no liability for any loss or damage, including without limitation to, any loss of profit, which may be suffered directly or indirectly from use of or reliance on such information. We strongly encourage consultation with a licensed representative or financial advisor regarding any particular investment or use of any investment strategy. As part of our service we provide “Patterns in Play” (abbreviated as “P.I.P.’s”). These PiPs are derived from certain clearly defined patterns that the team members identify from their analysis. Each PiP is indicated with its corresponding theoretical entry, target and invalidation levels. Please note that these are not trade recommendations; they are simply our team’s interpretation of these patterns and their theoretical levels. Any information or material contained on this website including, but not limited to, its design, layout, look, appearance and graphics is owned by or licensed to FOREXANALYTIX LLC. Reproduction is prohibited without FOREX ANALYTIX LLC prior license in writing.

Recommended Content


Recommended Content

Editors’ Picks

AUD/USD appreciates amid hawkish RBA ahead of policy decision

AUD/USD appreciates amid hawkish RBA ahead of policy decision

The Australian Dollar continued its winning streak for the fifth consecutive session on Tuesday, driven by a hawkish sentiment surrounding the Reserve Bank of Australia. This positive outlook reinforces the strength of the Aussie Dollar, offering support to the AUD/USD pair.

AUD/USD News

USD/JPY extends recovery above 154.00, focus on Fedspeak

USD/JPY extends recovery above 154.00, focus on Fedspeak

The USD/JPY pair trades on a stronger note around 154.10 on Tuesday during the Asian trading hours. The recovery of the pair is supported by the modest rebound of US Dollar to 105.10 after bouncing off three-week lows. 

USD/JPY News

Gold price extends its upside as markets react to downbeat jobs data

Gold price extends its upside as markets react to downbeat jobs data

Gold price extends its recovery on Tuesday. The uptick of the yellow metal is bolstered by the weaker US dollar after recent US Nonfarm Payrolls (NFP) data boosted bets that the Federal Reserve would cut interest rates later this year.

Gold News

Bitcoin miner Marathon Digital stock gains ground after listing by S&P Global

Bitcoin miner Marathon Digital stock gains ground after listing by S&P Global

Following Bitcoin miner Marathon Digital's inclusion as an upcoming member of the S&P SmallCap 600, the company's stock received an 18% boost, accompanied by an $800 million rise in market cap.

Read more

RBA expected to leave key interest rate on hold as inflation lingers

RBA expected to leave key interest rate on hold as inflation lingers

Interest rate in Australia will likely stay unchanged at 4.35%. Reserve Bank of Australia Governor Michele Bullock to keep her options open. Australian Dollar bullish case to be supported by a hawkish RBA.

Read more

Majors

Cryptocurrencies

Signatures