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  • Writer's picturePeet Serfontein

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



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