The ZAR has been a very strong currency over recent weeks, consistently moving higher against the USD which has itself been in a long-term bullish trend. The USD also rose against a basket of currencies last week but fell quite strongly against the ZAR as can be seen in the price chart below.
Last week’s price action saw a close near the low of the week’s range, and it was the lowest weekly close made since September 2021.
There are good reasons to look for a short trade here to exploit the bearish momentum, but bears should watch out for the potentially inflective low point at 14.3518 which might be supportive.