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  • Writer's picturePeet Serfontein

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


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