€ZAR: How much further?

bgold

Established member
532 5
Dear Forex experts,

ZAR keeps rallying against $ and EUR. How far can this cross go? Money flow, rate differential and commodity (read gold) currency arguments are clear but how about the technicals?

I see resistance near current spot 7.45-6.90 in weekly chart. Momentum indicators point down (see attached chart).

Keen to hear T2W's FX experts read on this situation?
thanks
 

Attachments

  • €zar.png
    €zar.png
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