Inverted Head and Should Pattern has been formed @ USDZAR so Weekly out look looks like it is not gonna come back soon.
Lets keep our fingers crossed.
PPPDirhams.
Disclaimer: This is just my idea. Am not liable for the end results if adapted by anyone. Trade cautiously as there are chances that you will lose your investment..
It depends on where precious metal prices go from here, particularly platinum. Precious metals have been trending lower since hitting highs at the back end of last year and earlier this year which has weighed on the rand (coupled of course with the riots in July and the Fed "taper" prospects). Honestly, I think 19.50 is way too far, dollar liquidity is very high and I doubt the Fed will stick to their current hawkish narrative which will keep the rand steady'ish.
Looking approximately 1 year down the line, I'd say the worst case for the rand is probably R17.00/$ (61.8% fib retracement rate from the rand's recovery post April 2020). Over the longer-term however, 19.50 may not be al that unrealistic...
Looking approximately 1 year down the line, I'd say the worst case for the rand is probably R17.00/$ (61.8% fib retracement rate from the rand's recovery post April 2020). Over the longer-term however, 19.50 may not be al that unrealistic...