Quick Fire Dollar / Rand Update
29 January 2023
Dollar/Rand Weekly Close
Good Afternoon
Welcome to 2023, a year that is sure to test your metal even more than 2022, based on the technical action on these charts!
The Weekly Close chart remains very much in a corrective phase.
Based on the chart’s current formation I expect a USD rally of note in the short–medium term.
The upside targets could be the previous high at R19.06 or even make a new ATH, there are many permeations, and currently, all I can say is that one needs to be long USD or square.
To all the USD bears out there, I pose the following questions:
– where were you when the DXY was at 115?
– why so bearish now with the index at 102?
– how do you feel being short down here?
People keep perspective and remember I am bearish the USD, just not from here and just not now after everyone and their dog are SHORT in SIZE!
“The hard cold reality of trading is that every trade has an uncertain outcome” – Mark Douglas