USDZAR has been rangebound between 16.15 and 17.65 since late May. Since the highs at 19.30 in early April, we have also been building a big descending triangle. This downward trendline has held remarkable well despite being tested multiple times. We are also below the 200dma now which is providing resistance at 16.76. Price action wise, USDZAR trades offered and it looks like we will wander back down to the 16.15 support zone in the coming days. I have very low conviction and nothing on right now. Huge headline risk with the looming US elections.
Comment:
As expected, USDZAR testing the lower boundary at 16.15 this week. All eyes on Mboweni and the MTBPS tomorrow, followed by the US election next week.