03rd Oct - USD/ZAR Dips Hold Above Main Support
03 October 2013
WEEKLY CHART:
The long term recovery recently stopped just short of the 76.4% retracement. Subsequent slip back reached the 23.6% pullback level, where support emerged. Will this hold?
DAILY CHART:
Recent pullback from resistance around the 10.3600 Fibo projection found support from the 9.5738 24-Jul low area. Resistance from the rising return line near 10.1500 is now under test.
It is presently possible that upward momentum has been temporarily lost, postponing new 2013 highs for the nearer term. But while key dual support from the main rising support line at 9.4000 and the 9.3647 Mar high holds then the bulls remain in the driving seat.
Next story:
3rd October - How not to trade these markets 
Previous story:
03rd Oct - Soybeans Slip to Key Long Term Supports