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


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


Source: Bloomberg

Trade (2) Short: USD/ZAR

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


Source: Bloomberg


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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