The dollar index has broken medium term trend lines to the downside.
Case for short term upside:
1. It is current EXTREMELY oversold on the RSI.
2. It has fallen far below its 50 day moving average.
3. TD Indicator is on a perfected 8 of 9 with the 8 daily candle being a big one. Potential capitulation here for a turnaround tomorrow on the TD 9.
This inherently means that the ZAR Rand can weeken tomorrow as itself is now at its 618 Fib Retracement level compounded by an extreme RSI overbaught level.
Case for short term upside:
1. It is current EXTREMELY oversold on the RSI.
2. It has fallen far below its 50 day moving average.
3. TD Indicator is on a perfected 8 of 9 with the 8 daily candle being a big one. Potential capitulation here for a turnaround tomorrow on the TD 9.
This inherently means that the ZAR Rand can weeken tomorrow as itself is now at its 618 Fib Retracement level compounded by an extreme RSI overbaught level.