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Rand Continues To Creep Higher

ZAR

Spot USD/ZAR has breached support from Jul 4 low of 18.6121 amid continued selling pressure, which has failed to abate since Asia-Pac hours. There has been little in the way of notable headline catalysts on the wires since our previous update, with the rand sitting atop the EMEA pile. USD/ZAR now trades at 18.5725, around 2,220 pips lower on the session, with bears setting their sights on Jun 16 low of 18.1250.

  • CNH/ZAR has moved through channel support at 2.5923 and the 200-DMA at 2.5767 to last changes hands at 2.5732, down 265 pips on the day. This should encourage bears to seek further losses towards Jun 20 cycle low of 2.5258.

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