ZAR struggling to shake geopolitics

The pair gapped up to open today above the 50-day MA (15.40) which is rand negative. A weekly close above 15.46 (38.2% Fibo) and back inside the blue channel could see the rand weaken towards 15.80 (61.8% Fibo) and test the longer-term downward trendline from the highs in April 2020.

Entering overbought zones on the stochastic but the RSI still has a lot of room to move. Powell's speech tomorrow together with Friday's NFP's will undoubtedly effect the market, not making any calls haha.