Massive Falling Wedge has formed on the weekly...
We are near a breakout level, which we can only hope it doesn't breach.
If it breaks above R20.35, then the next target will be R25.00.
This most likely will only hit in around 2024 though so let's not be too worried just yet.
Long term analysis
This has just retraced to offer another buying opportunity before this continues to recover back to the all time highs and beyond. For the best entry use 4HR timeframe with MACD and 10/20 EMA and look for signs that the retrace is complete.
This has nicely bounced off the support level I previously reported on. Now looking for this to rise past the most recent highs on its way back to 23 levels. Good entry points will be any retrace from its current position or if it breaks the most recent highs on the 11th and 12th Jan then can enter a trade on the retrace to test that as a support.
The correction in GBP/ZAR has completed, it has rebounded from the monthly support area indicated. I think there will be a slight retrace coming before continuing to grow back to the all time highs and beyond.
