Technical Analysis – USDZAR records fresh 11-month high

USDZAR’s one-month rally up from the five-month low of 13.808 seems to have lost steam moving slightly sideways after recording an eleven-month high at 15.492. Despite the 50-, 100- and 200-period simple moving averages (SMAs) reflecting a bullish picture as they rise on the four-hour chart, the MACD and RSI warn of a possible short-term correction. […]