I may be forced to change my view of a drop towards 13.20 if the pair fails to close this week below 14.00. A break above the 30-day MA rate of 14.25 will allow the pair to move into a range between the 200-week MA rate of 14.55 and the 61.8% Fibo rate of 14.51. A close above 14.51 will invalidate the move towards 13.20.
The MACD indicator is working into a wedge which shows that the rand's run is maturing and their is clear bullish divergence on the RSI indicator.
For now we remain in a tentative range between 14.00 and 14.20.
Closed on a fresh post pandemic low at 13.9692 yesterday. The rand is also pulling the pair towards the long-term trend line at around 13.88 in today's session. 13.20 is still on the cards if the rand can hold onto rates below 13.95