Good Morning Champions
The Weekly Close chart has held the R13.90 level very well, while also trading at its most oversold since 19 February 2018.
I personally feel that there is still a very high probability that the chart will look to test the previous all-time highs.
We will need a weekly close over R14.51 to confirm a reversal of the downtrend in the MT (medium-term).
So, in short, all the dips on the chart are Dollar buying opportunities, with a weekly close under R13.91 being a natural stop loss.
On the upside, I would look at going square on Dollar longs in the R14.40's and give the chart a chance to play out as we have seen a R0.50 move in the last 3.5 trading sessions.
Please don't get married to any LT (long term) views/positions as emotions are running high and anything could happen.
Happy Wednesday
Giancarlo
The Weekly Close chart has held the R13.90 level very well, while also trading at its most oversold since 19 February 2018.
I personally feel that there is still a very high probability that the chart will look to test the previous all-time highs.
We will need a weekly close over R14.51 to confirm a reversal of the downtrend in the MT (medium-term).
So, in short, all the dips on the chart are Dollar buying opportunities, with a weekly close under R13.91 being a natural stop loss.
On the upside, I would look at going square on Dollar longs in the R14.40's and give the chart a chance to play out as we have seen a R0.50 move in the last 3.5 trading sessions.
Please don't get married to any LT (long term) views/positions as emotions are running high and anything could happen.
Happy Wednesday
Giancarlo
Trade active:
This may well be the week we close over R14.50 and confirm the trend reversal. Stay tuned and ready!
Trade active:
The chart is flirting with a weekly close over R14.53, watch this space!