Very interesting level on the USDZAR. For the first time since January 2020, the ZAR is trading very close to its 200-day Exponential Moving Average. This has historically been one of the USDZAR’s support levels. Should we see a break and close below R16.43/USD could very much see create some clear sky/free-fall, with next support only coming in at R15.50 (bottom of the parallel channel).
Al three the 8-, 21- and 50-day EMA are still pointing downward, which is a good indication that the trend is still looking a lot healthier.