Analyst thoughts: USD/ZAR Medium-term
VIEW RETAINED FOR THAT OF A 18.37 TO 19.27 PRICE CONSILIDATION RANGE THAT IS DEVELOPING.
The expected R1*/S1* medium-term consolidation continues to contain medium-term price action.
A number of feasible consolidation alternatives could still develop within the R1*/S1* range. A P*Q triangle pattern is illustrated as one alternative.
Overlapping downward bias off P towards line Q seems to unfold as part of the larger sideways move.
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: P/Q* consolidation, followed by a bull trend to T1
Monthly Range: P/S0
Current Trend and Target Levels: P/S0 ranging
Technical Rating: Medium