Rev C&H has formed on the USD/ZAR. If we get a slight retracement back it could be forming a Right shoulder to an Inv H&S. Regardless, this looks bearish for the ZAR and bullish for the USD. Other indicators are showing upside to come for the greenback. 7>21>200 RSI>50 Target 1 will be R21.72. Ouch for the rand.
The government and load shedding is really messing with the economy of this beautiful country of opportunities and diversification.
Trade Well,
Timon Rossolimos
Founder, MATI Trader
(Pro trader since 2003)
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