USDZAR Finding Support
The Rand had a good run the last 2 weeks but the following reasons may hint to a price support at current levels:
1. Price currently at 50% Fib Retracement level.
2. Horisontal price support from 2 months ago.
3. TD indicator on a perfected daily 9.
4. RSI at extreme low levels.
5. Triangular pattern plays out at current levels.
Can the Rand strengthen more? Offcourse yes, but only on the back of a weakening Dollar I would say.
Probability though more to the "price support" theme at current levels.
1. Price currently at 50% Fib Retracement level.
2. Horisontal price support from 2 months ago.
3. TD indicator on a perfected daily 9.
4. RSI at extreme low levels.
5. Triangular pattern plays out at current levels.
Can the Rand strengthen more? Offcourse yes, but only on the back of a weakening Dollar I would say.
Probability though more to the "price support" theme at current levels.
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