Quick Fire Dollar / Rand Update
29 November2022
Dollar/Rand Weekly Close
Good Morning
Herewith is the Weekly Close Dollar Rand chart.
I feel that in the ST, we may move lower toward the R16.70 – R16.62 level.
A move of this nature would see the price target the 55-Day EMA, and with the chart being this oversold Weekly, I would definitely be looking at buying USD.
Although my road map shows a move back to the mid R18.00’s as a minimum, the deeper the current move, the less likely we will see a significant move higher unless we have a Black Swan event.
A very good friend of mine recently said, “2022 has been a year we have seen a bevy of Black Swans” in other words not so rare.
In any event, a move down to R16.70 would be a USD buy, as from these levels, we should see a relief rally of between R0.60 – R0.70, purely based on the chart being this deeply oversold.
Good luck for the rest of the week, and remember, in these volatile markets, trade it, don’t marry it!
“Don’t be a hero. Don’t have an ego. Always question yourself and your ability. Don’t ever feel that you are very good. The second you do, you are dead.” – Paul Tudor Jones
