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  • Writer's picturePeet Serfontein

Analyst Thoughts - USD/ZAR Medium-term

VIEW RETAINED FOR AN IRREGULAR CONSOLIDATION PHASE BETWEEN 18.69 AND 19.59.

  • The illustrated view remains a valid portrayal of possible market moves.

  • The general ranging market within the PQ* continuation pattern should be followed by the next impulsive bull trend to R2 and T1.

  • The recent upside off S1/Q* is possibly phase 1 and 2 of the impulsive bull trend. The end of the consolidation will be activated on a breach of R0.

  • A break of Q* will extend the downside to S2* without negating the illustrated overall consolidation phase and eventual bull trend to T1

  • S2* is pivotal for the overall bullish outlook.

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: R0/Q*

Technical Rating: Medium


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