WEEKLY - Price is currently trading at a significant high, on 2018 price had reached this level of resistance and rejected breaking above resistance, and is now trading at that level, will a case of "History will repeat itself" happen here?
DAILY - Price made a huge rejection at the strong resistance zone and gives us a clear signal to go short, however we will have to wait to see the close of the daily candle to execute the trade.
This is just a technical analysis excluding the fundamentals, because the Rand is currently the worst performing currency globally and is also being impacted by the Eskom debt and the Trade war. These issues are also causing turbulence to investor sentiment and a weaker rand may be expected. But I am hoping, this technical analysis follows through and the Rand can gain a bit of strength.
DAILY - Price made a huge rejection at the strong resistance zone and gives us a clear signal to go short, however we will have to wait to see the close of the daily candle to execute the trade.
This is just a technical analysis excluding the fundamentals, because the Rand is currently the worst performing currency globally and is also being impacted by the Eskom debt and the Trade war. These issues are also causing turbulence to investor sentiment and a weaker rand may be expected. But I am hoping, this technical analysis follows through and the Rand can gain a bit of strength.
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