USD/Rand

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USDRand

 

Over the past week the Rand continued to gain strength against the Dollar.  Gains were followed by some sideways trade after which further strength was seen as the Rand continued to increase in value as shown in the 15min candle stick chart below.  The Rand reached new 4 month strengths early yesterday afternoon as it touched support at R14.43/$ after which it recovered slightly.  Nearby chart support is now seen at R14.49/$, R14.43/$, R14.40/$ and R14.30/$ whilst nearby chart resistance is seen at R14.56/$, R14.66/$, R14.75/$ and R15/$.  Could we see the Rand gain further strength in coming weeks?…