The USDZAR is breaking higher. What does that mean?

The USDZAR is breaking higher after pulling back a little over the 50% retracement of the Dec 2019 lows to March 2020 highs. The rally (currently) has reached the 38% Fibonacci retracement, but the RSI suggests we may have higher to go. If this is the case, we may have to keep an eye on the SPX (overlayed in orange) which has not flinched at the idea that the ZAR is under pressure. However, when the EM (emerging market) currencies like the ZAR, MXN, TRY, RUB etc are under pressure it could be signalling that “risk aversion” may be coming soon. With triple witching options expiration tomorrow, we need to keep a watchful eye on equity indexes and EM currencies.