Watch $55.30 as a first possible breakout point, with the $58.40 being next . 50-day Moving Average also getting mighty close to the 200-day, with a break bring that Golden Cross.
Fundamentally, according to Thomson Reuters consensus forecasts, analysts see growth of 17.1% from current levels on the FTSE/JSE Top40 Index (in locally currency). My personal view is that the Rand/USD should be better priced around the R12.78/USD over the next 12 months. Should that happen, we could be looking at a possible capital gain of 8.32% (in USD) on the $EZA, corresponding nicely with the close to $58.40 levels. Should the $ZAR only improve to R13.50/USD (and consensus are spot-on), then we could be looking at a target price of $60.85 over the next 12 months.
On the downside, watch $53.08 as first resistance point, with $51.50 as next possible stop.