The pair gapped up to open today above the 50-day MA (15.40) which is rand negative. A weekly close above 15.46 (38.2% Fibo) and back inside the blue channel could see the rand weaken towards 15.80 (61.8% Fibo) and test the longer-term downward trendline from the highs in April 2020.
Entering overbought zones on the stochastic but the RSI still has a lot of room to move. Powell's speech tomorrow together with Friday's NFP's will undoubtedly effect the market, not making any calls haha.
Entering overbought zones on the stochastic but the RSI still has a lot of room to move. Powell's speech tomorrow together with Friday's NFP's will undoubtedly effect the market, not making any calls haha.
