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  • Writer's picturePeet Serfontein

Analyst Thoughts - USD/ZAR Medium-Term

2024 TREND POTENTIAL WITH A BULL TREND TO HIGHER PRICES


  • The highlighted area portrays approximate 2024 market action and potential.

  • The PK triangle pattern should give way to a bull trend to T1 and T2.

  • The PK pattern seems incomplete but in a mature stage of development.

  • A bullish break of P/R1* will activate the illustrated gains.

  • A meaningful W,X,Y correction towards S1* will remain part of the long-term bull trend.

  • Conviction: Medium to high.

  • Note: It is difficult to pinpoint trend duration. The 2024 price action period is an estimation of the timespan.

 


Target and Reassessment Levels:

Important Levels: P* and K*

Primary Trend: P*/K* consolidation, followed by a bull trend to T1

Current Trend: Downside to S0, followed by a reversal to T1

Monthly Range: S1*/R1*

Technical Rating: Medium



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