The USD/ZAR seems to be trading off support and broken its short term downward trend. Confirmation of this breakout through lack of progress on Eskom reforms, all time high unemployment rates and potentially poor outcomes from the Medium term budget today and Moody's (1st Nov), could provide additional catalysts to see the USDZAR back above 15.
Trade closed: target reached
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15 hit, all in one day ! Market really disappointed by the budget speech. For those interested in further upside, take note of Moody's on the 1st Nov. Potential for 15.50