Almost difficult to agree, but sometimes one must believe what the charts are telling. Market psychology!
The red line is the upper two standard deviations range, highlighting an overextended price action to the upside. One can expect rand strength.
Upper two standard deviation is also giving a lead to mean reversion.
Improving rand bullish trend over the last couple of days according to our proprietary technical scoring methodology.
Crossed below its 8-day simple moving average - first bearish signal in the last 19 days.
Crossed below its 13-day simple moving average - first bearish signal in the last 20 days.
MACD bearish crossover - first such signal in the last 22 days.
Downside momentum starting to unfold. See the MACD histogram.
The alternative scenario remains for the rand to remain at current levels. The setup remains risky.
Time to exit: +/- 9 September 2019
The red line is the upper two standard deviations range, highlighting an overextended price action to the upside. One can expect rand strength.
Upper two standard deviation is also giving a lead to mean reversion.
Improving rand bullish trend over the last couple of days according to our proprietary technical scoring methodology.
Crossed below its 8-day simple moving average - first bearish signal in the last 19 days.
Crossed below its 13-day simple moving average - first bearish signal in the last 20 days.
MACD bearish crossover - first such signal in the last 22 days.
Downside momentum starting to unfold. See the MACD histogram.
The alternative scenario remains for the rand to remain at current levels. The setup remains risky.
Time to exit: +/- 9 September 2019