Source: PaxForex Premium Analytics Portal, Fundamental Insight

South African M3 Money Supply for February rose by 5.71% annualized. Economists predicted an increase of 5.90%. Forex traders can compare this to South African M3 Money Supply for January, which accelerated by 6.61% annualized. Private Sector Credit for February expanded by 3.32% annualized. Economists predicted an increase of 3.12%. Forex traders can compare this to Private Sector Credit for January, which rose by 3.16% annualized.

The South African PPI for February is predicted to increase by 0.9% monthly and 4.9% annualized. Forex traders can compare this to the South African PPI for January, which rose by 0.1% monthly and 4.7% annualized.

The final US GDP for the fourth quarter is predicted to rise by 3.2% quarterly. Forex traders can compare this to the third quarter GDP, which increased by 4.9% quarterly. Final GDP Sales for the fourth quarter are predicted to rise by 3.5% quarterly and Real Consumer Spending by 3.0% quarterly. Forex traders can compare this to third-quarter GDP Sales, which increased by 3.6% quarterly, and Real Consumer Spending, which increased by 3.1% quarterly. The final GDP Price Index for the fourth quarter is predicted to expand by 1.6% quarterly. Forex traders can compare this to the third quarter GDP Price Index, which rose 3.3% quarterly. The Final PCE Index for the fourth quarter is predicted to increase by 1.8% quarterly, and the Core PCE by 2.1% quarterly. Forex traders can compare this to the third quarter PCE Index, which increased by 2.6% quarterly, and the Core PCE, which rose 2.0% quarterly.

The US Chicago PMI for March is predicted at 45.9. Forex traders can compare this to the US Chicago PMI for February, reported at 44.0.

The final US Michigan Consumer Sentiment for March is predicted at 76.5. Forex traders can compare this to US Michigan Consumer Confidence for February, reported at 76.9. Final Current Conditions for March are predicted at 79.4, and Final Expectations are predicted at 74.6. Forex traders can compare this to Current Conditions for February, reported at 79.4, and Expectations, reported at 75.2. Final US Michigan Inflation Expectations for March are predicted at 3.0%, and Final US Michigan 5-year Inflation Expectations at 2.9%. Forex traders can compare this to Final US Michigan Inflation Expectations for February, reported at 3.0%, and Final US Michigan 5-Year Inflation Expectations at 2.9%.

US Pending Home Sales for February are predicted to increase 1.4% monthly. Forex traders can compare this to US Pending Home Sales for January, which plunged 4.9% monthly.

US Natural Gas Inventories for the week ending March 22nd are predicted at -26B cubic feet. Traders can compare this to US Natural Gas Inventories for the week ending March 15th, reported at 7B cubic feet.

The forecast for the USD/ZAR is cautiously bearish as downside pressures increase. Following a bearish crossover, the Tenkan-sen and the Kijun-sen have flatlined. The Senkou Span A of the Ichimoku Kinko Hyo Cloud continues to move lower after completing a bearish crossover, with the Senkou Span B following suit. Traders should also monitor the CCI following its breakdown from extreme overbought territory. This technical indicator has plenty of downside potential and could lead price action lower. Can bears regain control over the USD/ZAR and drive price action into its horizontal support area? Subscribe to the PaxForex Daily Fundamental Analysis and earn over 5,000 pips per month.

Should price action for the USD/ZAR remain inside the or breakdown below the 18.9000 to 19.0000 zone, PaxForex recommends the following trade set-up:

• Timeframe: D1           
• Recommendation: Short Position
• Entry Level: Short Position @ 18.9500
• Take Profit Zone: 18.4000 – 18.4975
• Stop Loss Level: 19.0650

Should price action for the USD/ZAR breakout above 19.0000, PaxForex recommends the following trade set-up:

• Timeframe: D1           
• Recommendation: Long Position
• Entry Level: Long Position @ 19.0600
• Take Profit Zone: 19.1200 – 19.1900
• Stop Loss Level: 19.0000

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