Wichard22

USDZAR possible top out

FX:USDZAR   Dollaro / Rand Sudafricano
USDZAR has broken the R14.50 pivotal level quite substantially last week and closed the week just below another important level of R15.00. The coronavirus has really placed a dampener on the risk being taken in the market and thus USDZAR has sold off. If we have a close above the R15.00 level we can possibly have a test back at the R15.12 level, but the market does feel a bit toppish. A close below R14.84 can put a retest of R14.60 back on the cards. We would favour a bit of a retracement for now.
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