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The rand has weakened almost 4% against the US dollar since the start of the week and is currently testing the 200-day moving average, says Matthew Axelrod, head of risk at DG Capital Forex.

If the local currency closes above R15.10/dollar it would be a bearish signal with the next resistance level at R15.25 and then R15.50, he said.

“We feel the market is pricing South African Reserve Bank rate hikes more or less fairly, but maybe being somewhat over-zealous on US Federal Reserve hike pricing.

Here’s why the rand is taking a beating right now (