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RAND

USDZAR Where will the Rand go befor the Municipal election? This is to update my previous view on where the Rand will go. The Municipal elections are approaching at the beginning of August which potentially could be the start of a political power shift in the country (or maybe not). However, I think there that investors sill be cautious in buying Rand before the election. With USD strength and resistance at the yearlPP we should expect the rand to weaken towards the beginning of August. Volume has been low since June. Signs of increased volume but with little price reaction is seen pointing to buyers entering the market. So expect a pull back to the cloud at just below 15 Rand to the USD.
Long
by SteynTrade
$USD v $ZAR - Prop Pattern Eyes 14.50790 Reversal | #rand #forexQUICK ANALYSIS: A proprietary pattern I have discovered and named JANUS suggests a top at 14.50790 today. The Janus is one of several proprietary patterns I have discovered and use as adjuncts to my Predictive/Forecasting Model and geometries (Geo and Wolfe Wave). However, they are often used as third-place elements, as they carry a lesser probability weigh than the Model itself, or the geometries. A recent $ZAR analysis was invalidated as price continued to soar (faded in the chart), whereas a nascent widening geometry is developing (highlighted in black lines) - I would pay particular attention to the third and often last validation of the upper line as a probable sign of imminent reversal. However, these can occur right on the line, above it, or some rarer times, not even making it to the line. However, combining this expanding geometry with the pattern adds a slight gain in probability. More on this DAILY chart as price continues to rally. Note also that this rallying is probably on the back of a strengthening $USD rather than a weakening South African Rand, as most of the $USD pairs are display a similar behavior relative to the dollar. However, and as mentioned this week-end, there is a high-probability of reversal in the USDollar Index, which is likely to correspond to the distance before reversal in other major and minor crosses. Best, David Alcindor Predictive Analysis & Forecasting Durango, Colorado - USA ----- Twitter: @4xForecaster Linked-In: David Alcindor TradingView: www.TradingView.com ----- .
Short
by 4xForecaster
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