South African Rand in no mans land but can strengthen soon
It's been an interesting development with the USDZAR.
Since it broke out of April's uptrend, the price is now retesting the resistance (which was support).
I suspect that the price will be oscillating between the range of 17.63 and 16.91 in a box formation for a few weeks.
Only if the price breaks above or below, will we get some sign of where the rand is going.
For instance, if it breaks below, it would have formed an Inverse Cup and Handle showing major downside for the USD to come (which we can hope for).
If the price breaks out, the fakeout will spook the bears and the price will run up to ATH...
I'm bearish overall, but only time will tell.
Since it broke out of April's uptrend, the price is now retesting the resistance (which was support).
I suspect that the price will be oscillating between the range of 17.63 and 16.91 in a box formation for a few weeks.
Only if the price breaks above or below, will we get some sign of where the rand is going.
For instance, if it breaks below, it would have formed an Inverse Cup and Handle showing major downside for the USD to come (which we can hope for).
If the price breaks out, the fakeout will spook the bears and the price will run up to ATH...
I'm bearish overall, but only time will tell.
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Trade Well,
Timon Rossolimos
Founder, MATI Trader
(Pro trader since 2003)
facebook.com/groups/matitrader
🌐Website:
timonandmati.com
𝕏 (Formerly Twitter):
twitter.com/timonr
Trade Well,
Timon Rossolimos
Founder, MATI Trader
(Pro trader since 2003)
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