USDZAR Bullish or Bearish???
In my previous analyses I have provided reasons as to why I considered the USDZAR bullish for the medium to long term but it seems for the short term at least we may be seeing bearish price movements. I believe we're seeing this because of weakening of the USD and in part due to overbought levels on the daily time frame, meaning its a necessary pull back if we are to see good momentum going forward in terms of bullish action, also if you refer to the gann fan drawn in that I had also mentioned in my previous analyses you'll see we currently rest on the 3/1 ratio line which I spoke about earlier last week when price broke through the very respected 2/1 ratio line. I did not want to rely too heavily on the fan, however it does coincide with previous support + the ascending wedge and was respected for quite some time, and as such it's my belief that if price is to move in a bullish direction it's going to happen sooner rather than later (2 days left till May ).
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