USDZAR reached a new record high back in June However, pair has been trading sideways since then Break above 19.92 or below 17.40 needed to signal direction   USDZAR hit a new record high of 19.92 back in early June. However, the pair subsequently retreated to post a lower low in late July, and has been trading without a clear direction since then.

USDZAR has been consolidating over the past month, trading between 18.05 and 18.70 without a clear direction. Momentum has shifted in favor of the bears in recent sessions, with the pair turning lower to challenge the lower boundary of this range.  Short-term oscillators reflect the latest drop in the price. The RSI has sliced below its neutral 50 zone while the MACD remains firmly below its red trigger line, both signaling that selling forces are currently in control.  If sellers prove succ

USDZAR has been giving up ground in the last week after its recent rally ceased at the 8-month high of 15.4850. Although the pair has surrendered around half of its latest gains and has crossed below its 50- and 200-period simple moving averages (SMAs), the negative bias seems to be weakening. In the immediate term, the momentum indicators suggest that the selling pressure is waning.

USDZAR remains stuck in a sideways range both in the short and medium terms, with prices struggling to gain traction below the thin Ichimoku cloud. Aside from the cloud bottom posing a major obstacle in the 15.0750 region, the bulls are additionally facing resistance around 14.9500 where the 20-day moving average (MA) is about to cross above the 50-day MA.

Stocks steady somewhat after Friday’s dip Dollar heads higher after worst week since 2009 Oil skids again; Brent hits 17-year low as world economy shuts down US stock futures attempt to rebound; risk of increased volatility Wall Street was unable to extend its winning streak to a fourth day on Friday but still managed to post its strongest week since 2009. Stocks had been steadily rising after a big gap lower at the open but went into reverse after the Federal Reserve said it will r