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  • Writer's picturePeet Serfontein

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


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