The ZAR ended the week on a bearish note reaching above 9.10 against the USD, and above 11.65 against the EUR. Although we are looking for some consolidation over the next two days, a brief reprieve from the aggressive moves seen last week, the risks are now for USD/ZAR to push to 9.16 this week. We would be looking for topping signals at 9.20-9.23 thereafter, particularly given the plethora of resistance and overextended momentum condition on the daily chart.
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