Rand Weekly Report – 25 June 2024
USD/ZAR: DAILY
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Summary: The long held view of a complex P/L corrective phase, followed by an eventual bull trend to T1 and T2, remains valid. Internal moves of complex formations are, however difficult to pinpoint, due to a number of possible outcomes.
- The illustrated outcome off gains off L to P, followed by final phase C downside to L and S1, is the preferred stance.
- Oversold and diverging RSI conditions are an early signal and confirmation of bottoming potential.
- S1* is the pivotal level for the consolidation and bull trend stance.
Target and re-assessment levels
| Important levels | S1* and P* |
| Primary trend | P*/L ranging, followed by a bull trend to T1/T2. |
| Current trend | Gains off L to R1 |
| Monthly Range | R1/L |
| Technical rating | Medium – various outcomes |
USD/ZAR: 2 HOURLY
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Summary: The previous stance of corrective WXY downside to the S2/L target area, has materialized.
- The sharp bullish reversal off S2 is likely part of an ABC bull phase that should target RA1*.
- An interim expected phase B bearish correction must preferably remain above S1* for the ABC upside to remain valid. A break of S1* will activate another bear phase towards L**
- The complex nature of the general Z/L** formation should result in further R1*/S2 consolidation, followed by eventual gains to Z.
- The illustrated moves remain part of the larger consolidation (see daily analysis).
- A break of R0* will reverse the bear phase.
Target and re-assessment levels
| Important levels | RA1* and S1* |
| Primary trend | Gains to RA1* followed by RA1*/S2 ranging. |
| Current trend | R0/S1* consolidation |
| Weekly range | R0/S1* |
| Technical rating | Medium |
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Red Line: “Roadmap” – A visual representation of proba-ble future price action. A perforated red line suggest various proba-ble outcomes with the perforated line being
Blue Line: Trend Lines that constitute important sup-port / resistance or break levels
TA – Target area
MA – Moving average
R – Resistance
RA – Resistance area
MR – Minor Resistance
MS – Minor Support
MTR – Medium Term Resistance
MTS – Medium Term Support
SA – Support Area
S – Support
T – Target
* or ** – Significance of level