The USDZAR exchange rate is well known for its volatility and erratic nature.
Looking at it from an EWP perspective does shine light on the probable direction the pair might take.
The decline from 19,33900 in April 2020 to 13,37130 in June 2021 is best labelled as a five wave decline for wave ((A)).
The move to 18,57900 has been characterized by overlapping price action which is consistent with corrective movement and is labelled (W)(X)(Y) for a double zigzag wave ((B)).
If 18,57900 holds we can anticipate the rand strengthening/dollar weakening back towards the 13,00000 region throughout the year.
Looking at it from an EWP perspective does shine light on the probable direction the pair might take.
The decline from 19,33900 in April 2020 to 13,37130 in June 2021 is best labelled as a five wave decline for wave ((A)).
The move to 18,57900 has been characterized by overlapping price action which is consistent with corrective movement and is labelled (W)(X)(Y) for a double zigzag wave ((B)).
If 18,57900 holds we can anticipate the rand strengthening/dollar weakening back towards the 13,00000 region throughout the year.
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.