moorekapital

USDZAR: IN CORRECTIVE PHASE. PUSH2 UNDERWAY

FX:USDZAR   U.S. Dollar/South African Rand
113 3 11
Analysis in chart


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Comment: bounce off 100, and Trendline
Hi Moore, where do you see the USDZAR opening on monday post the local election results? Do you see a small correction to 13.80-13.90 before resuming the longer term downtrend to next 13.00 target?
+1 Reply
I like your question, @Invinci
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moorekapital moorekapital
USDZAR has violated an erstwhile support created by the 2001.12.16 resistance of 13.84010 But that is as good as it is- a violation.
The trend, however, to me is still up, and so, we're merely seeing a correction, atm.
The push1 end has also been violated.
Now, whilst this market could go down faster, producing the push2 leg down- =A KEY ZONE= 2008.10.19 key support of 11.87220 sits there, all these seem to be trapped inbetween the 100MA and the 200MA- we could also see a bounce from here.
And so, if I held a short position earlier, I would book something. Or book all.

The ideal thing to me would be to stay off, at least, as far as this weekly chart is concerned, and then wait for price to prove itself to us- Follow through selling or bounce.
We shall always see the footprints. The bell will sound if any of these events becomes the way to go.
snapshot
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