USDZAR needs a bounce

9 juin 2020

We have seen the USDZAR test the 50% Fibonacci retracement line, that is from the R19.35 high we saw earlier in April 2020. The support comes in at R16.63 and this has holding for now. For now looking at the momentum on the bottom graph, the momentum is also bottoming and we expect that the USDZAR can bounce back to the R17.10 to R17.20 level, were we will find some initial resistance.