The best time to analyze the market is when its closed. After a analyzing the weekly chart of USDZAR, I think this market could continue its overall trend to the upside. The market is currently under the 14MA, meaning this market is selling.
Lets compare last week engulfed sell candle compared to this week. WHERE IS THE SELLING MOMENTUM? It does not make any sense for this market to have amazing selling power last week and this week it died down. Consistency is key and this market is NOT consistent in the selling momentum.
Looking at this market, I am expecting USDZAR to continue to travel towards the upside and I am expecting this market to break the highest high 19.06 continuing to go higher.
Interesting analysis but19.06? With all due respect I think the market is consolidating if you look at your daily chart.The current candle on a weekly chart shows indecision which explains the consolidation on the daily. The market might signal a trend continuation to the down side (sell).
Vanaaad
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@freedom_k, Fridays closed candle will help paint the picture for my weekly analysis but that's the beauty to any analysis. I have a different view from you, what I see so far is a lack of selling momentum. If this market fails to go higher than 19.06 then I expect this market to continue to fall.
dgoldiner
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it hasn't bounced off the support as one might have expected/hoped if you are USD/ZAR bull. .. . if it drops below the current level there isn't much to stop it on the chart until 16.25 or so