The ZAR keeps getting stronger and stronger compared to the USD but there is honestly nothing on the ground to back up this gain in downtrend momentum. According to the IIF; "The rand has become one of the most over valued emerging market currencies thereby increasing the risk of a correction." It’s now currently in a final push phase because of the SA Budget speech today 24/2/2021. However caution should be exercised when looking for possible potential buy entries .The 14.35 zone could be a good buy zone but extreme risk management need to be exercised since there is a high probability that this support might be eroded. Should this be the case then USDZAR will be eyeing at a 6yr support zone from Oct 2015 at 13.80
Wait patiently & Trade Wisely
Wait patiently & Trade Wisely
