Rand Report

Published 2017/07/05, 13:48

Last week we identified the bullish engulfing candle pattern (circled blue) off the R12.80/$ level. The candle pattern was suggestive of further gains in the USD/ZAR currency pair in line with the larger falling wedge chart pattern (highlighted red). The initial upside target was R13.20/$, while a close below R12.80/$ was used as the failure level.

USD/ZAR Currency Pair

Over the last week the USD/ZAR has moved to the initial target of R13.20/$. A price close above this level would call for further gains in the USD/ZAR currency pair with the next level of resistance considered at R13.65/$. Should this situation occur, the stop loss or failure level for the short term trade would be ratcheted up to a close below R13.07/$.

USD/ZAR

Article was first published on IG.com

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When is the next rand report
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