The relative calm of August trading is likely to fully disappear in the coming days, as traders react to more nervous sentiment and the USD/ZAR could prove very choppy.
The USD/ZAR is trading near the 17.00000 level as of this writing, as bullish speculation gets plenty of consideration.
The USD/ZAR is trading within sight of the 17.00000 with active price action abundant. On cue in the midst of the storm created by Federal Reserve Chairman Jerome Powell on Friday, the USD/ZAR currency pair went from a low of nearly 16.71000 to 16.90000 without much hesitation. Via early transactions this morning the USD/ZAR has continued to move incrementally higher and is touching key psychological ratios near 17.00000.
17.00000 Could prove to be Lynchpin for Dynamic Movement in USD/ZAR this week
It may seem quite simple to say the 17.00000 is important psychologically, but having broken this ratio higher already in July and only last week, the USD/ZAR may start to create a group of ‘backers’ who believe the forex pair should be above this level fundamentally for the time being . Global market conditions remain nervous and last week’s Jackson Hole central bankers’ conference has done little to soothe the minds of financial houses.