The rand looks to possibly head up towards the R11.75 level, looks to be oversold and these look like buying levels. Currently the rand is strong and because of political sentiment. Though ST, looks to weaken and rebound to the R11.75 level. Though it will trade to a lower level in the upcoming weeks and months.
Looking at the current formation, it looks to be a possible inverted H&S, making the rand bearish.
Looking at the current formation, it looks to be a possible inverted H&S, making the rand bearish.