Analyst thoughts: USD/ZAR Medium-term
VIEW RETAINED FOR AN ONGOING CONSOLIDATION BETWEEN 18.37 AND 19.35.
The expectation of a R1*/S1* medium-term consolidation is materialising.
Current overlapping price action is expected to have a downward bias towards S1* to complete the final phase Y.
A number of feasible consolidation alternatives could still develop within the R1*/S1* range.
If S1* holds over time then a renewed bull trend (i, ii, iii, iv, v) to R2 and T1, becomes highly likely.
Breaking R1* will activate the upside, while S1* is pivotal for the general bullish outcome.
Target and Re-assessment Levels:
Important Levels: R1* and S1*
Primary Trend: R1*/S1* consolidation, followed by a bull trend to T1
Monthly Range: R1*/S1*
Current Trend and Target Levels: Downside off R1* to S1*
Technical Rating: Medium