USD/ZAR Trading forecasts and signals

The USDZAR currency pair has gained wide popularity in the Forex currency market. Despite the fact that the South African rand is considered an exotic currency, it is one of the seventeen most convertible currencies in the world. In 1961, after the founding of the Republic of South Africa, the South African Rand (ZAR) replaced the South African Pound. Today, South Africa is the richest country in Africa and the stock exchange of this country is one of the ten largest stock exchanges in the world. More than 50% of South Africa's GDP is accounted for by export revenues. The economy of South Africa is based on the extraction of natural resources and precious metals, in particular gold and diamonds. Therefore, the demand for these precious metals is crucial for the exchange rate of the South African rand. The daily movement on Forex of the USD/ZAR pair can reach up to 1000 points. The most active time for trading USD/ZAR is the European and American trading sessions. Of the interesting properties of this currency pair, it can be noted that, usually, a single direction is maintained throughout the day. That is, if the pair starts to grow at the beginning of the day (at the beginning of trading in the European session), then, with a high probability, it will continue to grow until the end of this session. Therefore, breakout-based strategies work well with the USD/ZAR currency pair.