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Analyst Thoughts - USD/ZAR Medium-Term

  • Writer: Peet Serfontein
    Peet Serfontein
  • May 6, 2024
  • 1 min read

MATURING PRICE CONSOLIDATION


  • Summary: The PK pattern is maturing and possibly in the final stages of development. This phase should be followed by a bull trend to T1 and T2. •

  • The further W,X,Y-type downside to cluster support around L, K and S2 is expected to hold.

  • Impulsive gains off the bearish bottoming area should target T1 and T2 over time.

  • Short term: Further downside potential to L and K likely.

  • Important levels: S2* is the negation level for the view and R1 is the activation level.




Target and re-assessment levels:

Important levels: R1* and S2*

Primary trend: PK consolidation, followed by a bull trend to T1/T2

Current trend: Downside to L and K

Monthly Range: R1*/S2*

Technical rating: Medium




 
 
 

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