USDZAR at critical point

24 ก.พ. 2020

We find the USDZAR at a critical juncture, with the continuous spread of the corona virus, the market still feels risk off. USDZAR is trading back at the Nov 2019 high of around R15.18 and a break here could see us test the previous highs of R15.38 in Oct 2019. The market feels heavy and we do see a lot of export interest at these levels coupled with overdone momentum. We do however need a close below the R14.90 level for the ZAR to trade back towards the R14.70.