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Trade idea on the USD/ZAR currency pair - 24 May

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Barry Dumas
LongUSD24May

Trade idea on the USD/ZAR currency pair.

Looking at the USD/ZAR today, we might see some movement in the currency due to the Reserve Bank rate decision which has recently been announced. The currency pair has been trading in a wide range between R 12.23 and R 12.73 where it is currently encountering some resistance from the 200-day moving average.

 

The Dollar (USD) has been strengthening over the last couple of trading sessions and if this continues then we can expect the Rand (ZAR) to depreciate even further against the dollar.

Looking at two possible scenarios playing out today on the USD/ZAR currency pair:

Trade (1) Long: USD/ZAR

  • Entry: R 12.54c
  • Stop loss: R 12.40c
  • Target Price 1: R 12.77c

LongUSD24May

Source: Bloomberg

Trade (2) Short: USD/ZAR

  • Entry: R 12.35c
  • Stop loss: R 12.54c
  • Target Price 1: R 12.19c

Short24May

Source: Bloomberg

Information:

For GT247.com clients looking to trade the currency pair you can do so in our Dollar (USD) denominated GT accounts.

&

For GT247.com clients looking to trade the currency pair you can do so in your Rand (ZAR) denominated accounts by using in the New wave US Dollar ETN (NEWUSD) - just take note that it is a long only product. 


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Disclaimer: Any opinions, news, research, analyses, prices, or other information contained within this research is provided as general market commentary, and does not constitute investment advice. GT247.com will not accept liability for any loss or damage, including without limitation to, any loss of profit, which may arise directly or indirectly from use of or reliance on such information. The content contained within is subject to change at any time without notice, and is provided for the sole purpose of assisting traders to make independent investment decisions.

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