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Sep 9, 2014
USD/ZAR trades through critical resistance at 10.8625 - TD Securities
FXStreet (Łódź) - Cristian Maggio, Head of Emerging Markets Research at TD Securities stresses that following the release of data by the SARB today, pointing to wider deficit than expected at SAAR 6.2% of GDP, USD/ZAR has traded through critical resistance at 10.8625.
Key quotes
"We could see the ZAR consolidating in the 10.8625/10.9640 range in the remainder of the week, which means an upward shift of the USDZAR trading range that we have seen holding for a few weeks."
"A close above 10.8625 today is critical to consolidate the uptrend."
"The move would be coherent with our medium-long term forecasts that see USD/ZAR at 11.05 by end-Q3 and consistently above 11.00 next year."
Key quotes
"We could see the ZAR consolidating in the 10.8625/10.9640 range in the remainder of the week, which means an upward shift of the USDZAR trading range that we have seen holding for a few weeks."
"A close above 10.8625 today is critical to consolidate the uptrend."
"The move would be coherent with our medium-long term forecasts that see USD/ZAR at 11.05 by end-Q3 and consistently above 11.00 next year."