Although the ZAR sold off initially against the USD during the budget speech, a sharp snapback in late-afternoon trade maintained the seesaw moves we have become accustomed to. Indeed, another Doji pattern has formed on the daily chart. Currently the pair is holding near the middle of this wider range, and while capped at 8.95-9.05, we continue to look for a push below 8.80.
Click here to read the full report: Technical Research
Barclays