Analyst Thoughts - USD/ZAR Medium-term
VIEW ADJUSTED FOR AN IRREGULAR CONSOLIDATION PHASE BETWEEN 18.68 and 19.56.
The general bullish outlook was postponed after the break below the defining R0* level.
The best current alternative would be that a PQ* irregular continuation pattern is unfolding.
Completion of the C phase to S1 and Q* can be followed by the next impulsive bull trend to R2/T1.
Breaking Q* will activate an extended downside to S2. This could still be part of the overall consolidation phase and eventual bull trend to T1
S2* is pivotal for the overall bullish outlook.
The erratic and rare nature of the PQ* consolidation necessitates a medium/low conviction level.
Target and Re-assessment Levels:
Important Levels: Q* and S2*
Primary Trend: P/Q* consolidation, followed by a bull trend to T1
Monthly Range: R0/Q*
Current Trend and Target Levels: Gains off Q* to R0
Technical Rating: Medium to low