The upward channel that it has been trading in for the last while has stayed intact this last week. with a slight retracement that seems to be happening at the moment. (Image 1)
If the retracement continues in a downward direction we could see a bounce off of the bottom of the channel at around the 53 500 level.
The US dollar is currently in its longest losing streak for 13 years. This, coupled with the positive outlook in our Rand due to Ramaphosa, has caused the ZAR to do extremely well in the last week. The ZAR peaked at 11.79 against the Dollar on Thursday last week. It has retraced slightly today, but I can't see why it shouldn't continue downwards for the next while. (image 3)