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Technical analysis from IG notes that USD/ZAR broke above R13.15 and then R13.50, moving outside its previous medium-term range. The pair trades above its 20, 50 and 200-day moving averages, and the stochastic indicator shows it is overbought.
The chart signal indicates a continued uptrend in the dollar against the rand, which raises dollar-denominated feed import costs for South African buyers in the near term.
ig.comShaun MurisonSep 28, 2017Not enough comparable past events yet for a historical read.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
