Good Morning Ladies & Gents
Herewith is the Weekly Candle chart, and as it stands, the charts looks pretty bullish with very decent support from R14.84 – R15.03.
This chart could quickly spike up to the R16.00 level and potentially slightly higher.
Reiterating what I wrote in Monday’s report, I am not sold that this is the major blowout and that a decent rally in this chart would be an opportunity to take some profit on your USD long positions.
As for this afternoon’s rate decision, a 25 BIP hike seems to be priced in, so should the MPC not raise rates combined with USD strength, this could precipitate a potential R0.60 move higher.
While a hike and a hawkish speech could see the ZAR strengthen once again.
The latter is my preferred view.
Good luck out there, and I do not see the point of carrying sizable risk into this afternoon!