USDZAR-WEEKLY VIEW FOR NEXT 2-3 MONTHS
If you believe the dollar will start a retrace now or even head for a new low below 88.25 then the south African rand could provide a great way to short the dollar.
I also believe that emerging markets are oversold and will provide great opportunities for the big boys to start climbing in now for good returns in the next 3 to 6 months.
The wave counts I have could be right or not but what is more important is that it should correct closer to the 0.618 fib level before an impulsive wave up will continue.
Key daily close levels:
- First signal for lower is a close below 13.4 followed by 13.31
- Second signal that would boost this view is a close below 12.99.
- A close below 12.44 should be confirmation that the pair is heading for a new low
I also believe that emerging markets are oversold and will provide great opportunities for the big boys to start climbing in now for good returns in the next 3 to 6 months.
The wave counts I have could be right or not but what is more important is that it should correct closer to the 0.618 fib level before an impulsive wave up will continue.
Key daily close levels:
- First signal for lower is a close below 13.4 followed by 13.31
- Second signal that would boost this view is a close below 12.99.
- A close below 12.44 should be confirmation that the pair is heading for a new low
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