$USDZAR Lower Mid-Term Depths Challenging Support Levels
did produce a slight buying demonstration, but before the reversal upwards the currency pair had accomplished plenty of selling power. The USD/ZAR started last week near the 18.80000 ratio and finished Friday’s trading around 18.10000.
Last week’s strong velocity downwards started on Wednesday when the USD/ZAR was able to penetrate the 18.40000 level and continue moving lower. By Thursday of last week the currency pair was able to touch the 17.90000 level, which is a mark the USD/ZAR had not seen since the first week of April this year.The ability of the USD/ZAR to fight lower and seemingly sustain lower prices has been strong since the 7th of July when the Forex pair was trading around the 19.15000 juncture.
The last time the USD/ZAR traded in a sustained manner below the 18.0000 level was between the first week of November 2022 until the end of the second week in February of this year. Yes, the USD/ZAR traded below 18.00000 on Thursday of last week, and saw price action between 17.75000 and 18.00000 in the first week of April this year, but reversals higher have plagued the USD/ZAR many times.The U.S will release the Empire State Manufacturing Index today. Recent U.
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