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Buy the USD/ZAR before 11h30 today for a quick profit

by , 03 December 2019
Buy the USD/ZAR before 11h30 today for a quick profit
The Rand has strengthened against the majors over the past few weeks, but it has lost momentum and can't break below a key support level.

We have our third quarter GDP numbers out at 11h30.

With trade war uncertainty that hasn't abated and the VIX (aka the fear gauge) climbing from below 12 to above 14, we should see the Rand weaken against the majors over the next week or two.

When the Rand moves the swings are fast so make sure you get in before the GDP numbers are out at 11h30.

Look at the chart below to see how the Rand has weakened against the US Dollar on previous occasions.
 
 
Investors (and importers) looking to send funds offshore, should be doing so when the Rand is at it’s strongest and right now is a good time.
 
Short term traders can make outsized gains by trading derivatives that provide gearing of up to 10 times. A 3.4% move from R14.60 can turn into a 34% gain on margin.
 
Buy the USD/ZAR below R14.60 for a move above R15.10. Place your stop loss 10c below your entry (R14.50).
 
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The week ahead:
 
Local: GDP (03/12); Current Account % of GDP (05/12)
 
Local Results Due: SCD (03/12); VUK, SYG (04/12); AXL, NHL (06/12)
 
LDT (03/12): CML, CTA, FBR, INL, INP, MEI, PIK, SPP, SSS 
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Buy the USD/ZAR before 11h30 today for a quick profit
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