By - Jamel Lahiani
The Rand was and became legal tender in the late 50’s to early 60’s for South Africa, Swaziland, Lesotho and Namibia after moving away from the Pound. After the apartheid era sanctions the Rand experienced a great deal of volatility and depreciation.
GRAPHIC 1: USDZAR HOURLY CHART (AUGUST 14, 2019)
The hourly chart varies between two limits the red resistance line and the green horizontal support line. At long term, the pair is bullish. In fact, the support line in green is increasing. A good strategy could be to sell at the bottom around the red line and take profit at the green line. In the other side, a buy decision could be taken at the bottom of the market around the green horizontal line and take the profit at the red line. At 12:30 GMT, The Import and export Price Index released by the US Department of Labor will be published. Those indexes could have a significant effect to the chart evolution. If the chart breaks one of the two sides of the range and close outside, a new order can be taken in the direction of the pair movement.
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