Senior Analyst, Rand Swiss

Shaun is a senior analyst specialising in derivatives trading and technical analysis across index, commodity, FX, and equity markets. With nearly 20 years of experience in financial markets, Shaun brings deep expertise to his role, presenting research and analysis to Rand Swiss clients. Shaun is a regular commentator on local and global financial markets, contributing to major media outlets including CNBC Africa, Reuters, Moneyweb, and Business Day. He produces daily and weekly market reports focused on technical analysis and trading opportunities in his core markets. As a registered person at the JSE and a Certified Financial Technician (CFTE), Shaun combines formal credentials with practical market expertise.

You can follow Shaun on Twitter at @ShaunMurison_RS for regular market updates and trading insights.

Tech Tuesday: Rand tests support as Brent breaks higher

Tuesday, 20 October 2026

Volatility remains elevated across markets, with USD/ZAR and gold testing support while Brent crude pushes through resistance. The Top40 remains directionless after a volatile week, while US indices continue to retreat from record territory as tech earnings season moves into full swing.

Inside this update:

• US Indices
• J40 Cash Index
• ZAR
• Commodities

J40 Cash Index

A volatile week sees the Top40 index having tagged resistance before breaking support. A committed directional bias remains lacking, and in turn we continue to look to trade between levels and towards targets rather than riding out moves.

US Indices

The Nasdaq and SP500 have continued to correct from all-time-high territory, while the Dow tagged our resistance target before forming a reversal as well. Volatility is likely to persist as we hit the heart of tech earnings this week and next.

USD/ZAR

The USD/ZAR is testing support after a pullback from overbought territory. The longer-term trend is still considered up. R16.40/$ provides our key short-term support level. If this level holds, we favour a move back towards R16.75/$.

Commodities

Gold

After broadening its near-term range, the price of gold is now testing support once again. We are looking to see whether the next opportunity comes in the form of a reversal or a break of this level.

Brent Crude Oil

We now have an upside breakout for Brent crude, which could target peaks seen at the early stages of the US-Iran war. The uptrend is still firmly intact, and a long entry into short-term weakness remains favoured.