Trade FX: USD/ZAR with Unum Capital.
To get started, e-mail lester@unum.co.za
Q: What is the current 7-day trend? A: Neutral
Q: What is the current 14-day trend? A: Rangebound
Q: Is there any opportunity for a short-term buy/long position? A: Potentially, if the price holds prior session highs after the recent advance from a sideways consolidation.
Q: Is there any opportunity for a short-term sell/short position? A: Yes, if the price fails to hold prior session highs, there's potential for a retracement to retest the range breakout.
Q: What is the current position & trend for the short term (1 to 10 days)? A: Attempting a bullish reversal following a consolidation phase.
Q: What is the current position & trend for the medium term (2 to 4 weeks)? A: Recently advanced from a sideways consolidation.
Q: What is the current position & trend for the long term (5 to 8 weeks)? A: Lacking directional bias; looking for a break of range to trigger a directional move.
Summary: For the short term (1 to 10 trading days), the USD/ZAR is attempting a bullish reversal following a consolidation phase. A potential buy/long strategy could be considered if the price holds above prior session highs, but a sell/short strategy is viable if it fails to do so, leading to a retracement. In the medium term (2 to 4 weeks), the currency pair has recently advanced from a sideways consolidation, suggesting potential for further upside if the breakout is sustained. For the long term (5 to 8 weeks), the USD/ZAR lacks a clear directional bias, and a trading strategy should focus on identifying a break of the current range to establish a directional position.
Lester Davids
Analyst: Unum Capital
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