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  • Writer's picturePeet Serfontein

Analyst Thoughts - USD/ZAR Medium-Term

VIEW RETAINED FOR A MATURING TRIANGLE PATTERN.


  • The PK* triangle pattern seems to be in a mature stage of development.

  • Phases A to D could already have been completed.

  • The current downside will then be the final phase E to complete the triangle pattern.

  • A sharp bullish reversal off K* would be the initial indication of the 1,2,3,4,5-bull trend to R2 and T1.

  • The K*/S1 levels are important for the general view.

  • Note: Triangles are normally (80%) continuation patterns but could sometimes (20%) be a trend reversal.

 


Target and Reassessment Levels:

Important Levels: P*K*/S1 area support

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

Current Trend: Overlapping downside to K*

Monthly Range: R0/K*

Technical Rating: Medium



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