Authored by TD Markets
The USDZAR currency pair has been trading above 18.59400 in recent days, indicating a stronger US dollar against the South African rand. This trend has been fuelled by several factors, including the ongoing economic recovery in the US and concerns about the economic impact of the COVID-19 pandemic in South Africa.
The NAS100 Performance
(UPDATE) - NAS100 bullish setup is playing out.
NAS100 recently broke above the resistance zone around 13290.00 and has been forming an impulse wave since the last update. This price action provided another trading opportunity to the upside and was the confirmation that traders were looking for.
A retest of the support zone could see another higher low developing and according to market structure and the current market behaviour, this will likely continue the rally to the upside. As such, traders have targets at the supply zone around 13477.00.
The US30 Performance
(UPDATE) - US30 is about to resume the bullish trend.
US30 retraced to the support zone around 33310.00 as it was one of the possibilities that traders could see. The overall structure is still bullish and according to the recent price action, traders anticipate a higher low to form and the trend to resume before identifying trading opportunities. A break and close above the resistance zone around 33589.00 will confirm the bullish momentum.
Read More: NAS100, US30 and AUDNZD Completed Their Setups
The USDZAR Performance
(UPDATE) - USDZAR bullish setup is complete.
USDZAR is now trading around 18.88290. The market aggressively broke above the previous resistance zone around the price point and further confirmed more bullish momentum according to the last commentary. Traders have targets set around 19.0000 and will keep a close eye on the price that forms for more possible scenarios.
Final Thoughts on Today’s Analysis
In conclusion, the USDZAR trading above the price point and the bullish sentiment towards the US30 and NAS100 are important trends to monitor for traders. While they present potential opportunities, it's important to approach them with caution and conduct thorough research.
