USD/ZAR ended the week off its two-week lows, and we are looking for a consolidation this week above the 8.50-8.55 support area. Similarly for EUR/ZAR, we expect the recent consolidation near 11.00 (psychological level and previous pivot) to continue. The moves in EUR/USD have been ensconced in a five-week range, and the range high at 1.3170 is likely to be tested, which is likely to see EUR/ZAR remain above 11.00.
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Barclays Capital