Analyst thoughts: USD/ZAR Medium-term
VIEW RETAINED FOR A DOWNWARD BIAS WITHIN THE 18.37 to 19.35 PRICE CONSOLIDATION RANGE
The expectation of an R1*/S1* medium-term consolidation remains valid.
Overlapping downward bias off R1 towards S1* is materialising to complete 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, remains 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