Societe Generale’s report highlights the ongoing downtrend in USD/ZAR, noting a break below recent consolidation levels. The report suggests that the pair could drift towards projections near 15.25 and the lower limit of a multi-month descending channel at 15.00/14.70.
USD/ZAR downtrend continues
“The decline is a bit stretched however clear signals of a meaningful rebound have yet to emerge.”
“The pair is likely to drift towards next projections near 15.25 and the lower limit of a multi‑month descending channel at 15.00/14.70.”
“If a short‑term bounce develops, the 50‑DMA around 16.58/16.70 is expected to act as an important resistance.”
(This article was created with the help of an Artificial Intelligence tool and reviewed by an editor.)