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.
- 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