USDZAR - Technical Analysis

USDZAR - Technical Analysis

Yesterday the price held above the 50-day moving average for the first time since 24 November 2017. The first resistance level of R12.02 was breached while the previously mentioned level of R12.11 managed to put a cap on further Rand weakness.

After the breakout from the bull flag formation, it would be reasonable to expect a pullback to test the breakout level before a new leg higher.

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