For the past month we have been trading in this upward channel and subsequently traded at new lows for the ZAR. Although on most metrics the ZAR looks over sold, there is nothing really going for the currency to warrant a pullback. For now it looks like international funds is just going to keep pushing it weaker, even more so after the downgrade. We can probably see a bit of pullback in the near term but as we near the end of April when there is expected to be bond outflows by foreigners we can see the ZAR under pressure. We need to strong close below the current upward trend to reverse a bit of the current weakness.