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USD/ZAR Strength Continues Amid Lawmakers Debate

ZAR
Weakness for the South African rand has extended in recent trade, with USD/ZAR reaching a fresh intra-day high of ZAR17.7601 before pulling back over the last few minutes. The volatile price action continues amid the ongoing lawmaker debate on whether to initiate proceedings that could force out President Cyril Ramaphosa.
  • A reminder that firm resistance is seen at ZAR17.9384, the 61.8% retracement of the downleg between Oct 13 - Nov 30. This level was pierced on Dec 1, however, a clear break of it would then open up the potential for a move targeting ZAR18.5815, the Oct 13 high.

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