The topping signals we have been looking for in USD/ZAR appear underway. The about-turn ahead of the 9.10-9.20 resistance area and subsequent push below 9.00 is helping to confirm the bearish divergence signal we have been highlighting. Today we favour an intraday range of 8.90-9.00. Similarly, EUR/ZAR dipped below 12.00, and we are waiting for following-through on the Outside Day pattern.
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Barclays Capital