Long term Rand analysis supports selling of Rand.
This is a general trend analysis of the South African Rand, using the USDZAR as a study. It recommends selling the Rand (Long USDZAR, EURZAR, GBPZAR) to buy USD or other currencies. The analysis is meant for individuals who might hold Rands with a view to sell them to move to another country.
Analysis points to the fact that now is a good time to start the process of selling Rands. The RSI has recently been oversold, this also corresponds with the lowest low of the recent trend. Since then there have been two higher lows, with the recent high being passed and the previous high nearing being passed. If the price goes above the 13.96 high then the previous down trend will have likely ended. Therefore a good time to go long on this pair (sell Rand). There are chances of retracement lower, these will merely be opportunities to sell the Rand (buy / go long USDZAR).
Analysis points to the fact that now is a good time to start the process of selling Rands. The RSI has recently been oversold, this also corresponds with the lowest low of the recent trend. Since then there have been two higher lows, with the recent high being passed and the previous high nearing being passed. If the price goes above the 13.96 high then the previous down trend will have likely ended. Therefore a good time to go long on this pair (sell Rand). There are chances of retracement lower, these will merely be opportunities to sell the Rand (buy / go long USDZAR).
Comment:
Long term reversal of the Rand (USDZAR and EURZAR) has had strong confirmations with the break of resistance at 13.96 / 14 highlighted above. Now we look to short the Rand during periods of strength.
