SteynTrade
Short

USDZAR Where will the Rand go? Running ahead of the Gold Bulls

FX:USDZAR   U.S. Dollar/South African Rand
With Gold             showing some correction after a bullish move and a strong NFP one would have expected the rand to also have a good sized correction in price. However, the rand has strengthened and supported with some volume returning. The municipal elections have gone down with little incident and with some vote shifts shows that largely the democratic system is in place. This seems to have surprised investors and the rand is running ahead of the Gold             Bulls. With the strong NFP and gold's correction in price, I still would expect some correction back to the yearly PP where some structure is indicated. However, the run is set to continue in the next few weeks with a test of the 13Rand/$ level next. The TDI             is pointing down and not in over sold region and there is still some room to move. Although the run is going good the Matador sword of a down grade is looming at the end of the run.
invinci
4 months ago
Hi Steyn. Where do you see the ZAR opening up on Monday post local election results. I see you view is still shorter at $13 test longer term,but do you see some correction up to 13.90/14.00 in the next few days prior to the next move down?
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SteynTrade invinci
4 months ago
Hi invinci, Yes I am expecting some correction back to the structure created by the yearly PP. Possibly to around 14.2. The USD has strengthened due to good NFP results and Gold has corrected last week. However, the Rand has strengthened, so probably due for some correction. As the elections have essentially gone without major incident and shown that the underlying political system is still functioning ok. I think this has surprised some investors drawing money back to the Rand. As to a Monday open I can only guess but think a opening above 13.7 is not unlikely.
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