The pair has been bouncing between the 200-week MA and 100-week MA since the start of the year. The 200-week MA is a strong support rate for the pair and a strong catalyst will be needed for the rand to sustain rates below this MA (such as the "Ramaphoria" period in 2017).
Technical indicators are favoring a topside break out of the downward channel from 2020. The weekly MACD is holding a buy signal. There is divergence on the weekly RSI which is suggestive of rand depreciation. A falling wedge pattern also seems to be forming.
Technical indicators are favoring a topside break out of the downward channel from 2020. The weekly MACD is holding a buy signal. There is divergence on the weekly RSI which is suggestive of rand depreciation. A falling wedge pattern also seems to be forming.