23rd Aug - Will USD/ZAR Momentum Fade?
23 August 2012
WEEKLY CHART:
Earlier this year the market returned to former 38.2% resistance, and failed to overcome it. A clear break through this would be bullish.
DAILY CHART:
The slip back in Jun quickly turned into a consolidation that has found support from the area of the 8.0503 11-Apr high. At this stage the rising support line lies not much below at 7.9625. A failure of these would delay any future fresh attempt at better clearing the late Nov-11 high (and 38.2% level on the Weekly chart).
A more serious loss of upward momentum would occur should lower support from the channel base projection at 7.4500 break.
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