Triple divergence on 4h chart...
From a technical perspective, Initial hurdle(resistance) stands at R13.90 and R14.00 respectively. Keep a watchful eye on the descending trendline at the R14.00 zone. Rejection at this level could spark further rand strength and possibly invalidate the aforementioned analysis.
On the docket today we have The Michigan Consumer Sentiment Index at 02:00 (GMT) which could be a market mover in the American session as well as 2 FED speeches later in the day.
Happy trading!
CFDs are complex financial products traded on margin. Trading CFDs is risky and may not be suitable for all investors. Ensure you understand the risks involved as you may lose all your invested capital. Past performance of CFDs is not a reliable indicator of future results.
On the docket today we have The Michigan Consumer Sentiment Index at 02:00 (GMT) which could be a market mover in the American session as well as 2 FED speeches later in the day.
Happy trading!
CFDs are complex financial products traded on margin. Trading CFDs is risky and may not be suitable for all investors. Ensure you understand the risks involved as you may lose all your invested capital. Past performance of CFDs is not a reliable indicator of future results.
Comment:
Now putting pressure on the R13.90 level...