USD/ZAR

Please find attached the monthly USD/ZAR update.

An interesting year awaits us on the currency front.

Note : As per usual this week will be the final reporting schedule for 2024.

While the recent bullish view and important target levels are retained,

Non classical short term market action and subdivisions in the move from 17.29 to current levels continues.

The preferred and illustrated interim outcome is therefore subject to a measure of short-term uncertainty.

The expected bull trend could be maturing as it approaches important target areas.

While the recent bullish view and important target levels are retained, limited subdivisions in the move from 17.29 to current levels creates a measure of short-term uncertainty.

We will update the interim outlook as more price evidence avails itself.

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.

Please find attached the weekly USD/ZAR report.

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

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.

Medium term moves have remained within long term consolidation parameters and have also consistently exhibited corrective traits.

This suggests that while the USD/ZAR pair should remain within stated parameters.

Volatility and ad hoc moves is likely to continue for the rest of 2024.