Technical Analysis - USDZAR

Technical Analysis - USDZAR

The pair is pulling back from the recent highs of R12.74 reached on Thursday 03-May when we saw a bearish engulfing candle being printed while Friday’s close (R12.50) was just above the prior resistance of R12.47.

The RSI is rolling over from overbought territory, thus weakness in the pair is highly probable in the ultra short term.

Should the Rand strengthen in the short term, investors could consider taking funds offshore as the US Dollar finds continuing support in global markets. Why not have a chat with the trading desk to see which options are available?

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