A Tough Act to Follow.
It's no secret that the Rand has been weakened against the US Greenback.
Markets, however, are generally quick to price-in any influential factors, & they do so vigorously.
Having a look at the 30 Min (Short-Term) Trend, one might get the impression that "The Top is in".
By highlighting the Peaks & Troughs & assigning their corresponding Relative Strength values, it becomes apparent the USD is facing some stiffer Resistance.
Higher Highs in Prices coupled with falling Indicator readings offer a clue as to the Resistance the USD will have against the already weakened ZAR. (Negative Divergence).
There is no "sell" confirmation yet, as the (now) R16.15 support appears to still be "in-play". However, I feel it's only a matter of hours before that level becomes tested.
Should it fail, it seems likely that R16.03 becomes the next support downward, garnering strength from it's previously "Overbought" levels.
That's just my theory, but I'm sticking to it.
Markets, however, are generally quick to price-in any influential factors, & they do so vigorously.
Having a look at the 30 Min (Short-Term) Trend, one might get the impression that "The Top is in".
By highlighting the Peaks & Troughs & assigning their corresponding Relative Strength values, it becomes apparent the USD is facing some stiffer Resistance.
Higher Highs in Prices coupled with falling Indicator readings offer a clue as to the Resistance the USD will have against the already weakened ZAR. (Negative Divergence).
There is no "sell" confirmation yet, as the (now) R16.15 support appears to still be "in-play". However, I feel it's only a matter of hours before that level becomes tested.
Should it fail, it seems likely that R16.03 becomes the next support downward, garnering strength from it's previously "Overbought" levels.
That's just my theory, but I'm sticking to it.
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