USDZAR risks are skewed higher

Intermediate

Since mid-May a positive consolidation tone above the 38.2% Fibonacci retracement at 14.326, off of 14.334, sustaining upside forces within the erratic, Triangle consolidation seen since March, but aiming higher for Tuesday.

We see an intermediate-term range theme defined as 14.585 to 14.125, but with the bias skewed to the upside.

For Today:    

  • We see an upside bias for 14.449 and 14.268; break here aims for 14.535, maybe 15.585.
  • But below 14.385 opens risk down to 14.334 and 14.326.

Intermediate-term Range Breakout Parameters: Range seen as 14.585 to 14.125.

  • Upside Risks: Above 14.585 sets a bull trend to aim for 14.748 and 15.000.
  • Downside Risks: Below 14.125 sees a bear trend to target 14.027 and maybe 13.862.

4 Hour USDZAR Chart

usdzar

Steve Miley

Editor in chief

Steve Miley has 29 years of financial market experience and as a seasoned expert now has many responsibilities. He is the founder, Director and Primary Analyst at The Market Chartist, the Editor-in...continued

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