USDZAR double bottom setting up.

The USDZAR and other emerging market currencies have been getting a lot of attention already this week as they have shown some weakness, despite the “bid” in risk assets. The USDZAR should garner some attention as we held the June lows on a retest in July before the rally the last few sessions. The 38% Fibonacci retracement held the rally today at the 17.4580 level. However, a break of the 17.5000 level could trigger a double bottom formation sending the pair back towards the 19.00 level in the weeks ahead.