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EURZAR Forecast – November-5-2023

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FxNews – In today’s comprehensive EURZAR forecast, we will first scrutinize the current economic conditions in South Africa. Following that, we will meticulously delve into the details of the technical analysis pertaining to the currency air.

Positive Trend in South African Markets

Ending the week on a high note, South Africa’s main stock index, the JSE All Share Index, saw a significant increase, finishing 2.1% up, which is its highest point in more than two weeks. This rise on Friday continued a winning streak, with the index climbing for the third day in a row.

External Influences and Domestic Dynamics

This uptick came on the heels of a United States jobs report that fell short of expectations, along with a Services PMI survey for October that did not meet projections, leading investors to believe that the U.S. Federal Reserve may pause its interest rate hikes. On the local front, South Africa witnessed a contraction in its private sector for the first time in three months, as revealed by a recent PMI survey. Nonetheless, back on the corporate stage, the majority of market sectors enjoyed substantial growth, with mining, industrial, and technology firms standing out. Wrapping up the week, the JSE marked a 4.9% overall gain, its strongest weekly performance since the beginning of the year.

EURZAR Forecast: A Detailed Analysis

The EURZAR currency pair is currently exhibiting a bearish trend, with the price having broken the bearish trend marked in blue. As the pair is hovering below the Kernel line, our EURZAR forecast suggests that it is likely to target S2 (19.09).

EURZAR Forecast - November-5-2023

EURZAR Forecast – Daily Chart by TW

For a more detailed insight into the EURZAR forecast, let’s zoom into the 4H chart. Here, S1 is acting as resistance to the bearish trend, and the Lorentzian Classification indicator confirms that the market is likely to see further decline. The pair is currently testing S2. The bullish candlesticks are small and weak, indicating that S2 might not hold for much longer. In this case, the next target would be S3.

eurzar forecast

EURZAR Forecast – 4H Chart

The pivot is providing support to the bearish scenario. If the bulls manage to close above 20.0, the bearish scenario will be invalidated, and the next target for the bulls will be the upper line of the channel.

Remember, staying updated with our latest EURZAR forecast is key to successful trading.

  • 5 November 2023
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