The push above 8.72 was in line with our near-term expectations, and the bullish undertone in USD/ZAR has been given a boost. We continue to look for an extension to 8.84 (three-week high) over the next two weeks. Similarly, momentum is pointing higher in EUR/ZAR and GBP/ZAR, and with support at the range lows remaining in place near 11.00 and 13.70, respectively, these pairs are poised to head to their range highs in the next month or two.
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Barclays Capital