Our local unit currently remains in the range between 18.80 and 19.12. We need to see a breakout of this range to determine what direction the rand will take but for now the rand remains at the mercy of swings in investor sentiment. The dance with the 50-day MA at 18.95 will continue this week and a negative tone from the Treasury budget and continued global risk-off investor sentiment following the Fed rate announcement, will strengthen the 50-day MA support.
One positive factor which could allow the rand to test the 200-day MA at 18.53, is the recent strong performance of platinum but I don't see a major move below this support rate for the rand at the moment.
One positive factor which could allow the rand to test the 200-day MA at 18.53, is the recent strong performance of platinum but I don't see a major move below this support rate for the rand at the moment.