This coincides with a daily downtrend as defined by peak and trough analysis a lower peak followed by a lower trough. The USDZAR’s EMAs are also in a bearish formation. I.e. the green 5-day EMA is below the orange 13-day EMA, and the orange 13-day EMA is below the black 34-day EMA. This is indicative of a mark-down phase (until proven otherwise). Moreover the RSI(9) is below 50 (blue rectangle) and is supportive of an underlying bearish momentum.
If the angle and separation of the EMAs continue it will be on the back of further USDZAR weakness.
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