USDZAR currently in an ascending triangle.
A lot of bad news is alredy in the rand price. Local fundimentals is unlikely to initiate a breakout above the ascending triangle.
The other side of the equation is the Dollar strenghtening which can drive the rand price breakout above the ascending triangle. The dollar index DXY has broken medium term support and if such trend persists, the triangle breakout is unlikely.
My contrarian view is for ZAR strengthening over the short term.
A lot of bad news is alredy in the rand price. Local fundimentals is unlikely to initiate a breakout above the ascending triangle.
The other side of the equation is the Dollar strenghtening which can drive the rand price breakout above the ascending triangle. The dollar index DXY has broken medium term support and if such trend persists, the triangle breakout is unlikely.
My contrarian view is for ZAR strengthening over the short term.