USD/ZAR has tested the 200-day moving average (DMA) at 14.90/14.85 which is also the low of November. A break below that region would open up losses to 14.45, then 14.10, economists at Société Générale report.

Late January peak at 15.75 to cap the upside

“Daily MACD is within negative territory which denotes upside momentum is lacking.”

“In case the support at 14.90/14.85 gets violated, there would be a risk of a deeper decline towards projections of 14.45 and 14.10.”

“A short-term bounce is expected; late January peak at 15.75 could cap the upside.”