Any RAND traders here? The large spread and highest interest rates make this one volatile currency to trade. Tight stops don’t help as most of the times, they will be licked.
Directionaly trades do work but they require balls of steel and ice, patience and deep pockets.
As of now, based on Turkey coup news, EURZAR broke through 16.00 level and closed above for the last week. Question for next week is whether that break was a fluke or is this a start of a new upleg?
I personally am in favor of a drop to 15.00 level before resumption of a long leg that will take the pair to 18.00 or so.
What do others think?