Dollar / Rand

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