It has been one way traffic for USDZAR the last week which has brought us back to its up trend line.Media coverage on the ZAR last month was dominated by the huge Current Account deficit and it's bearish implications for the ZAR. On cue USDZAR topped at 9.3600.This weeks currency news has been dominated by the BOJ quantitative easing and it's bullish implications for EM currencies including the ZAR.Will USDZAR oblige and bottom with this positive news ? Daily stochastics are deeply oversold and we are back at trend line support.A close back above 9.0000 would be the first indication of some sort of low.
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