Analyst Thoughts - USD/ZAR Medium-term
VIEW RETAINED FOR AN IRREGULAR CONSOLIDATION PHASE BETWEEN 18.70 AND 19.60.
The illustrated view remains a valid portrayal of possible market moves. The interim expectation of R0/S1 ranging seems to be unfolding.
The general ranging market within the PQ* continuation pattern should be followed by the next impulsive bull trend to R2 and T1.
The current downside could extend downside to S2* without negating the illustrated overall consolidation phase and eventual bull trend to T1
S2* is thus pivotal for the overall bullish outlook.
A breach of R0 will be an early indication that the 1,2,3,4,5 bull trend has been initiated.
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* consolidation
Technical Rating: Medium