Pre fed Zar 4h
Updated
Possible double top on the 4H in the blue resistance range between 18.50 and the 61.8% FIbo rate at 18.55.
There is also some divergence on the RSI which supports a downside break out of the rising wedge. Lots of event volatility this week as highlighted in the daily timeframe idea.
There is also some divergence on the RSI which supports a downside break out of the rising wedge. Lots of event volatility this week as highlighted in the daily timeframe idea.
Note
18.12 holding its groundNote
Fed kept rates unchanged this week and the non-farm payrolls is way lower than expectations at 114 thousand, down from 179 thousand in June. The US economy is clearly slowing looking at the employment trends and manufacturing PMI's are also dropping. Fed will most likely cut in September. A dark horse to watch is the BoJ rate hike as it is putting the carry trade under pressure which is negative for risk assets such as the rand as well as equities
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