South Africa Rand Forecast: USD/ZAR, GBP/ZAR, EUR/ZAR Price Levels menafn.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from menafn.com Daily Mail and Mail on Sunday newspapers.
South Africa Rand Forecast: USD/ZAR, GBP/ZAR, EUR/ZAR Price Levels
Rand Price Analysis:
GBP/ZAR tests trendline resistance
EUR/ZAR remains bound by Fibonacci support Advertisement
The South African Rand has managed to maintain the downward trajectory against major currencies, buoyed by increased risk sentiment and US Dollar weakness. Despite a reduction in the number of new Covid-19 cases, the South African variant continues to hinder the progression of the vaccination program with the Johnson and Johnson vaccine displaying the highest level of effectiveness towards the unique strain. With the first batch of J&J vaccinations arriving earlier this week, healthcare workers are now eligible to receive the inoculation although further details regarding the rollout to the greater population remains vague.
Bitcoin (BTC/USD) Breaks to New Highs as Twitter, Uber Follow Tesla
Bitcoin (BTC/USD) Forecast:
Is the major cryptocurrency poised to crash or glide? Advertisement
Bitcoin’s recent price action continues to demonstrate the powerful nature of crowd psychology and, more specifically, the role that influencers such as Elon Musk play in the market. Despite breaching the $48,000 mark, BTC/USD gave back a portion of Monday’s gains following Tesla’s announcement of a $1.5 billion investment into the digital currency. However, it appears as if major market players are following in Tesla’s footsteps after Twitter, Mastercard and Uber have all announced their interest in adopting Bitcoin as an additional payment method.