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