FX: USD/ZAR
US Dollar-S. African Rand (USDZAR) - Driven by both local and global factors, the Rand's sell-off has seen a low of 17.30 being tested on Thursday vs the USD. While upward momentum is strong, the long side reward-to-risk is starting to appear unattractive with moderate signs of selling starting to emerge, one being the long upper wicks. In addition, the 7-Day RSI is strong and unwinding from a 'near overbought' range while the 7-Week RSI's indicates the pair in a near overbought range. The pair remains above it's rising 21-day moving average (currently at R16.52 at the last close of Friday 15 July), which may act as a support zone on a retracement.
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