It seems as if the USD/ZAR has completed a 5-wave impulse. The MACD is also working into a huge wedge which highlights the maturing rand bull. Possibly time for a correction towards the dotted green neckline if the pair breaks out of its current downward channel. Technical indicators are leaning to more rand losses this week but the dollar's movement will be dictated by the Fed this week.
Note
Dotted green neckline is showing some resistance today...
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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.