The dollar/rand is correcting its uptrend ahead of FOMC minutes and US CPI inflation data.
We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.2023-10-10 11:00:112. The US Dollar is currently underperforming against various currencies, following remarks from Federal Reserve officials about the potential impact of high US Treasury Yields.
The dollar is currently underperforming against a wide array of currencies, following yesterday's remarks from Federal Reserve officials. On Monday, policymakers suggested that the high US Treasury Yields could trigger a more dovish approach to lending rates in the world's largest economy.The USD/ZAR produced what has now turned out to be a false break of range resistance at 19.35. The price has gone on to form a bearish engulfing price reversal from overbought territory.
Traders respecting the longer-term bias might prefer to wait for weakness to play out before looking for a long entry. Long entry might be considered on a bullish price reversal close to either the 18.90 or 18.70 support levels.In this scenario, a move back towards 19.35 and 19.63 provides upside targets while a close below the reversal low might provide a stop-loss consideration for the setup should it manifest.
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