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South African Rand Forecast: USD/ZAR, GBP/ZAR, EUR/ZAR Setups

South African Rand Outlook:

Despite dismal economic data, emerging market currencies continue to strengthen as investors flock towards high yield currencies. Meanwhile, Fibonacci levels continue to hold strong as the ZAR continues to test key Fibonacci levels.

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USD/ZAR Technical Analysis

With the Fed rate decision on the horizon, volatility is expected to increase, particularly in the US session later today. Meanwhile, South Africa is expected to ease restrictions as the economy looks to open up once again, following the Coronavirus pandemic. From a technical standpoint, the 50 day Moving Average has crossed below the 200 day Moving Average, just short of the psychological level of 17.00.

USD/ZAR Daily Chart

South African Rand Forecast: USD/ZAR, GBP/ZAR, EUR/ZAR Setups

Chart prepared by Tammy Da Costa, IG

EUR/ZAR Technical Analysis

The Euro strength has been in the spotlight as the currency continues to strengthen against its counterparts. Meanwhile, the EUR/ZAR is lurking around the 61.8% Fibonacci retracement level while the MACD remains below zero

EUR/ZAR Daily Chart

South African Rand Forecast: USD/ZAR, GBP/ZAR, EUR/ZAR Setups

Chart prepared by Tammy Da Costa, IG

GBP/ZAR Technical Analysis

The GBP/ZAR is currently hovering around the 38.2% Fibonacci retracement level while the psychological level of 21.2 continues to hold bulls at bay. The Relative Strength Index (RSI) is nearing 30, a possible indication that the pair may be nearing oversold territory.

GBP/ZAR Daily Chart

South African Rand Forecast: USD/ZAR, GBP/ZAR, EUR/ZAR Setups

Chart prepared by Tammy Da Costa, IG

— Written by Tammy Da Costa, Market Writer for DailyFX.com

Contact and follow Tammy on Twitter: @Tams707