USDZAR could reverse at top of channel

watch for some consolidation above this 18.00 USDZAR level. If we see equity markets settling and some return to risk assets in the next few days, we could see zar move back to 17.50-17.60 in the short term. Extended strength could see us back to around 17 which would coincide with the lower end of this channel.

Kommentar:

Nice reversal from the 18ish level back to first support at 17.60 which marks the uptrend support. Should risk on rally persist in next 2weeks, we could move to 17.00 but 17.60 will need to break. I will still probably favour shorting USDZAR towards the 18s