We have seen USDZAR trade within a upward trend for most of the year, then reach a new high of R19.35. We then saw the ZAR break the upward trend and trade back below R18.00, before making a move back towards R19.00. This down and up move id what formed the cup and now for the formation to be complete, we need to see the ZAR trade back towards the R19.35 level to give us the handle we want. So expect the ZAR to remain under pressure as the pattern plays out and it coincides with the whole World Government Bond Index re balance that is due at the end of April.