ZAR optimism
The rand is enjoying its post-election optimism and the broad-based decline in the dollar is adding strength to the currents. A break below the 18.12 support will confirm the move lower towards 17.86. The fact that the pair tested, but couldn’t hold, levels above the 61.8% Fibo at 18.56 and the 50-day MA at 18.38 is rand positive coupled with the fact that precious metal and copper prices are holding firm.
Locally, the markets have the latest SA mining and manufacturing results for the month of May to look forward to which are expected to come in strong off the back of another month free of loadshedding!
Locally, the markets have the latest SA mining and manufacturing results for the month of May to look forward to which are expected to come in strong off the back of another month free of loadshedding!
Note
Strong support expected here around 17.50
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