Dollar / Rand Short Term

Good Morning

From a partly cloudly but buzzing Johannesburg, South Africa!

The 240 min chart (which I consider short term based on ZAR volatility) is currently 50/50 and could either be some kind of H & S / ABC formation headed to sub R14.10 (which would be a massive buy) or could consolidate to breakout higher.
If this is a consolidation to trade higher be cautious as R14.50 is a critical level on many time frames and we will need a 240 min close over that to confirm a downside trend reversal.
Should we see a pullback sub R14.10, then I would be a huge advocate of buying the Dollar as the natural stop loss would be sub R13.90 while the minimum upside target would be R14.88 and this will give one a 55/10 bet.

Those are my kind of odds!

“The secret to being successful from a trading perspective is to have an indefatigable and an undying and unquenchable thirst for information and knowledge.” Paul Tudor Jones

Until next time vaya con Dios

Giancarlo