SteynTrade
Short

USDZAR Where will the Rand go? The beginning of the end

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 volume low spread candle. Price corrected back to the Yearly PP just above R14/USD. With all the talk of possible US interest rate 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 volume so I am expecting a final quick move down to complete the AB=CD 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 ABCD pattern 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.
Ideas Scripts Chart
United States
United Kingdom
India
España
France
Italia
Brasil
Россия
Türkiye
日本
한국
Home Stock Screener Forex Signal Finder Economic Calendar How It Works Chart Features House Rules Moderators For the WEB Widgets Stock Charting Library Priority Support Feature Request Blog & News FAQ Help & Wiki Twitter
Private Messages Chat Ideas Published Followers Following Priority Support Public Profile Profile Settings Account and Billing Sign Out