FX:USDZAR U.S. Dollar/South African Rand
Buyers entered the market just above R13 to the dollar. This was an area where previous buying also occurred. A high low spread candle. Price corrected back to the Yearly PP just above R14/USD. With all the talk of possible US hikes, downgrade of credit ratings and prosecution of the SA finance minister the market seems to be selling the Rand. The move back to the Yearly PP was not well supported with so I am expecting a final quick move down to complete the pattern. However, the market has reached the 61% retrace and could only consolidate around the Yearly PP before moving further. If we are going to see a completion of the the move will probably complete next week. If consolidation around the Yearly PP occurs next week I think the Rand strength is over and we will not see the final move down.