USD/ZAR - As noted on Thursday, a weakening USD kept a cap on further upside on the pair with the candle structure and 'near overbought' position, suggesting the potential for a retracement. Also noted was the price being rejected at the upper boundary of the manually drawn parallel channel. The dominant trend remains up, with the price above a rising 21-day EMA (red dotted sloping line currently at R16.70), which may also provide support on any further retracement. On a weekly basis, the pair has unwound from 'near overbought' to strong (1 level lower).
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