- Rand is among the weakest performers in EM basket, reached new record lows against the dollar on Monday at 14.0175 compared with Friday close of 13.8750
- USD/ZAR edges lower from Monday's highs and is currently trading at 13.8929, Stochs and RSI are at overbought levels, could see some unwinding
- China's policymakers and regulators promised deeper financial market reforms during the G20 meeting but remarks made investors more nervous as this could mean the economy is in a far worse state than expected
- Recent rand slide has brought concerns of too little c.bank intervention with Gov Lesetja Kganyago saying on Saturday that a further fall in the rand is not necessarily a bad thing
- Soft Chinese trade data on Tuesday added jitters over the health of the world's second largest economy, likely to add pressure on the Rand
- Immediate resistance for USD/ZAR is located at 13.9834 (session high Sept 8) and support on the downside at 13.8263 (Sept 7 lows)
R1: 13.9789 (session high Sept 7)
R2: 13.9834 (session high Sept 8)
R3: 14.0000 (Psychological Level)
Support Levels:
S1: 13.8263 (Sept 7 lows)
S2: 13.7460 (2015 High Sep 4)
S3: 13.7439 (4h Tenkan Sen)
