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Please find attached the month-end Rand report where we examine the local currency against the major global counterparts.

While the longer- term bearish outlook on the US currency remains valid, medium- and short-term outcomes were adjusted since last week’s report.

The alternative outcome of consolidating market action was validated by extended short term appreciation beyond pivotal levels.

Further medium – term range trading has postponed the still relevant and eventual bear trend to new lows.

The JSE TOPI Index update.

The medium-term bullish outlook on Bitcoin could be materializing as the market breaks above initial key resistance.

Interim overbought conditions are likely to result in a corrective phase, but this would remain part of the larger bullish bias, if pivotal support holds.

The expected bull trend should complete the cyclical upside that started at circa $ 16 000.

Ethereum remains less certain. The general view of a medium-term bottom, however, seems to be materializing.

The USD/ZAR medium- and short- term expectations remain in line with recent market moves.

We expect volatile range trading within medium term parameters for the rest of the year.

The occurrence of a rare running correction with extended bullish consequences remains possible,

but is not the preferred outcome. We will keep a close watch as price action develops and clarifies the situation over time.

The US Dollar Report for the 16th of October 2024.

An overlapping longer term bull phase suggests ongoing volatile moves with an upside bias over time.

The medium term view of moderate further gains remains valid.

The medium-term bullish outlook on Bitcoin should be close to materializing as the recent consolidation phase nears completion.

The expected bull trend should complete the cyclical upside that started at circa $ 16 000.

This view is despite our well documented fundamental scepticism.

Ethereum remains somewhat of an enigma. It does seem, however that the market is constructing a medium-term bottom

that could result in a meaningful bull phase/relief rally.

Medium term moves have remained within long term consolidation parameters and have also consistently exhibited corrective traits.

This suggests that while the USD/ZAR pair should remain within stated parameters.

Volatility and ad hoc moves is likely to continue for the rest of 2024.

The general bearish stance on the US Dollar remains preferred.

An expected correction in the bear trend has, however exceeded the indicated target levels.

This counter trend strength requires us to suggest a viable alternative possibility for a return to the largely ranging market conditions before the recent bearish break out.

Fortunately pivotal activation levels are quite close to current market levels.