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The USD/ZAR currency pair has continued to decline in the near term moving towards our initial target at R13.50/$ (highlighted in our previous note below). The short to medium term trends, as gauged by the 20 day simple moving average (red) trading below the 50 day simple moving average (green) remain firmly down. The price is also now testing the 200 day simple moving average (blue), our gauge of the longer term trend.
Traders who are committed to the short may now consider trailing there stop loss level to a close above the dotted trend line. The downside targets from the current move lower remain R13.50/$ and R13.10/$ respectively.
Rand Report – Technical View (Previous)
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