South African Markets

Event risk has added a fair amount of volatility, but without a meaningful change in the prevailing view.

The interim Report of a possible down break through important support levels were put on hold after a sharp bullish reversal off the important support/ break levels.

Whereto from here: While volatility decreases certainty and creates doubt, it seems that the long held technical outcome remains preferred.

Please find the generally requested medium term update on the USD/ZAR pair.

The expected and current market consolidation seems to be forming a bullish continuation pattern.

This phase is most probably building a base for further gains, as part of the larger bull trend.

Please find attached the weekly USD/ZAR report.

Please find attached the monthly, long term JSE TOP 40 index update.

Please find attached the month-end Rand report where we examine the local currency against the major global counterparts.

The JSE TOPI Index update.

The USD/ZAR medium- and short- term expectations remain in line with recent market moves.

We expect volatile range trading within medium term parameters for the rest of the year.

The occurrence of a rare running correction with extended bullish consequences remains possible,

but is not the preferred outcome. We will keep a close watch as price action develops and clarifies the situation over time.

An overlapping longer term bull phase suggests ongoing volatile moves with an upside bias over time.

The medium term view of moderate further gains remains valid.