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Analyst Thoughts - USD/ZAR Medium-Term

  • Writer: Peet Serfontein
    Peet Serfontein
  • Apr 8, 2024
  • 1 min read

A BULLISH TREND TO 20.91 IS LIKELY, THEN DOWN TO 17.60.


  • Medium-Term Outlook: The RS triangle pattern, typically indicative of a forthcoming upward trend, is expected to lead to a rally towards T1. This upward movement might be interspersed with declines towards the S1*/S2 support zone, represented by variables x, y, z.

  • The RS pattern is nearing the end of its formation, suggesting limited downside to S and S1* could finalise the pattern, propelling the market towards a bullish phase to T1.

  • A breakout above R/R1* would validate the anticipated gains.

  • A significant correction towards S1*, denoted by x, y, z, would not disrupt the overarching bullish trend.

  • Key Levels: R1* and S1* mark the boundaries of the current sideways movement.

  • Confidence Level: Medium to high.

 







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