COT positioning suggests that we are not in for a "switch" yet..
It's my opinion that we could still see some weakness in the ZAR before seeing a turnaround on the weekly graph.
My initial target is back to yearly highs at R19-35 and possibly further to R.20-00
Smart money may catch the retail bears out if they go in too deep with short positions.
A break below R17-30 would invalidate the above analysis.
Best of luck to everyone. Remember, risk management is especially important with EM currencies due to the relative illiquidity of the market. One can have wild swings due to money entering and leaving the market.
My initial target is back to yearly highs at R19-35 and possibly further to R.20-00
Smart money may catch the retail bears out if they go in too deep with short positions.
A break below R17-30 would invalidate the above analysis.
Best of luck to everyone. Remember, risk management is especially important with EM currencies due to the relative illiquidity of the market. One can have wild swings due to money entering and leaving the market.