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Analyst Thoughts - USD/ZAR Medium-Term

Writer's picture: Peet SerfonteinPeet Serfontein

TESTING IMPORTANT TARGET SUPPORT


  • Summary: The expected downside off X is testing the target support at S1*. Market action at current levels will determine the medium-term outcome.

  • The illustrated view of a bottom around current levels, followed by a bullish reversal remains preferred. The oversold RSI confirms this.

  • A sustained break below S1* will, however, result in an extended downside to S2, as part of a larger R2/S2 corrective phase (perforated arrow).

  • Important levels: The pair is currently in a neutral area, with S1* being the negation level for the view and RA1* the activation for the illustrated bull trend.


Target and re-assessment levels:

Important levels: RA1* and S1*

Primary trend: RA1*/S1* consolidation, followed by a bull trend to T1/T2

Current trend: Gains off S1* to RA1*

Monthly Range: RA1*/S1*

Technical rating: Medium




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