USD/ZAR has extended its up move. Economists at Société Générale expect the pair to enjoy further gains on a break above the August 2020 levels of 17.80/17.95 – which is also the 76.4% retracement from 2020.
Recent pivot low at 17.00 is an important support near-term
“Signals of a deeper pullback are still not visible; recent pivot low at 17.00 should now be an important support near-term.”
“Beyond 17.80/17.95, next potential objectives could be at projections of 18.45 and 2020 high of 19.20/19.35.”
