USD/ZAR: FUNDAMENTAL ANALYSIS + SHARK PATTERN FORMATION 🔔

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The South African Current Account for the second quarter is predicted at ZAR305.1B, and to the Current Account Percentage of GDP at 4.90%. Forex traders can compare this to the South African Current Account for the first quarter, reported at ZAR267.3B, and the Current Account Percentage of GDP at 5.00%.

South African Manufacturing Production for July is predicted to decrease 3.0% monthly and increase 3.6% annualized. Forex traders can compare this to South African Manufacturing Production for June, which decreased 0.7% monthly and increased 12.5% annualized.

US Initial Jobless Claims for the week of September 4th are predicted at 335K, and US Continuing Claims for the week of August 28th are predicted at 2,744K. Forex traders can compare this to US Initial Jobless Claims for the week of August 28th, reported at 340K, and to US Continuing Claims for the week of August 21st, reported at 2,748K.

The forecast for the USD/ZAR remains bearish despite its recent sell-off.

Can bears extend their dominance over the USD/ZAR and force more downside?