Range target reached, squeeze towards R.15-00...
The rand dipped below the R.14 66 mark early in the European session today pre eurozone data and ECB La Garde's speech, swiftly finding institutional buyers and a strong reversal at the reached range level.
Currently, the price is challenging the R.14 70 level, likely breaking this level during the American session and bouncing off around the R.14 77/80 region today. (possibly even further)
The 4 H graph illustrates a bounce, with a divergence on momentum indicators to confirm and support the idea.
In my estimation, the rand will likely continue this trend range R.14-50 to R.15-00 until the end of this year. Caution should be exercised going into the new year as we may see the rand break below its trading range briefly before the Feb budget speech and likely a Moody's downgrade.
Currently, the price is challenging the R.14 70 level, likely breaking this level during the American session and bouncing off around the R.14 77/80 region today. (possibly even further)
The 4 H graph illustrates a bounce, with a divergence on momentum indicators to confirm and support the idea.
In my estimation, the rand will likely continue this trend range R.14-50 to R.15-00 until the end of this year. Caution should be exercised going into the new year as we may see the rand break below its trading range briefly before the Feb budget speech and likely a Moody's downgrade.