EURUSD some correction before the final push to point EWe have been following the ABCD patterns the EURUSD has been making for some time (see below). We broke the Brexit key level and trend line formed by the previous down ABCD pattern. The 'TDI is overbought and we can expect some correction back to the previous structure before the final push to point E. Volume is showing increase on the move up and no demand at the bottom of the pullbacks. So will be waiting for a no demand candle at the pullback to previous structure to go long for the final push to E.
TDI
USDZAR Where will the Rand go? Slowing downWith the Municipal elections over there seems to be some change in the air. The market seems to be defined by previous market structure and has reached the 61.8% retrace of the previous impulse. With the time running out for the downgrade to junk status for the Rand and a looming USD interest rate hike we may just see the end of the Rand's good run happening soon. For now the previous structure seems to be defining an area for some correction. Possibly there is some space for a little more Rand strength but then? Looking for the big change around the end of September.
USDZAR Where will the Rand go? Staying ahead of the Gold BullsThe USDZAR is showing some strength. I expected some correction last week that never materialised and the trend seems to be strong. Price is in an area that previously showed some structure and the expected correction could happen this week. The TDI indicates overbought conditions. There is volume support for the down move with increasing volume and spread and decreasing volume and spread on the pull backs.