Wil the South African Rand keep soaring?

Emerging markets are definitely gainers from the weak U.S. dollar story. One of the best performances past week was shown by South African rand on positive political changes. New President seems to be much more suitable for foreign investors, seeking for high-yield gains. USD/ZAR lost 3% of it's value, breaching very long-term resistance at 11.80 level. Weekly chart tells me about 10.90 as the next target, so the rally should continue in case of no major shocks to the worldwide economy.

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