$USDZAR Looking for Support Near Major Moving Average
We have seen a rather significant selloff in the US dollar against most currencies, so the South African Rand would not be any different. However, what is even more interesting about the South African Rand at the moment is the fact that the omicron variant had initially shown up in South Africa, so a lot of people ran away from that country. You can clearly see by looking at both the currency and the South African stock market that money is starting to flow back into that country.
if we can break above that 50 day EMA it should send the US dollar much higher, perhaps reaching towards the 16 ZAR level . Keep in mind that the 200 day EMA sits just below at the 15.1443 level and rising. This could offer a significant amount of support as well, so at this point in time it is very likely that we would see a lot of interest.
You should keep an eye on the US dollar in general, and of course what is going on with the 10 year yield. That seems to be one of the most important things to pay attention to these days, as the Federal Reserve is suddenly back into play. If that is going to be the case, then raising interest rates should help the US dollar over the longer term.
If we break down below the 200 day EMA, then it is likely that we could go looking towards the 15 Rand level. A breakdown below that level of course would send the US dollar plunging
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