The USDZAR is trading politely within a rather intriguing five day range and resistance up above could prove a useful strategy for wagers.
of August the USD/ZAR did manage to hit the 16.63000 mark before reversing lower.of August the USD/ZAR suddenly found itself trading near the 16.11000 mark, which it went on to test essentially on the 11again. The climb higher yesterday was incremental, but the fact that a strong retest of the lows from last week has not happened is interesting. Short term speculators may find technical charts attractive if they believe the USD/ZAR is traversing too high.Resistance above near the 16.
Range trading should be expected in the near term. Resistance levels of 16.51000 to 16.60000 may prove to be worthwhile targets to be used for traders wanting to wager. If a new round of selling breaks out in the USD/ZAR it would not be a surprise to see the 16.37000 mark become vulnerable and a potential move lower to the 16.28000 ratio.While economic data could certainly shake the global market with a lightning strike regarding news, it also may stay relatively quiet for the USD/ZAR this week.
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