USD/ZAR and other emerging market currencies have been getting a lot of attention this week as they have shown some weakness, despite the "bid" in risk assets. USD/ZAR should garner some attention as we held the June lows on a retest in July before the rally in the last few sessions. The 38% Fibonacci retracement held the rally today at the 17.4580 level. However, a break of the 17.5000 level could trigger a double bottom formation, sending the pair back towards the 19.00 level in the weeks ahead.(Image not shown due to low ratings)
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