The USD/ZAR pair produced a parabolic move that almost reached the all-time high of 17.9169 set in January 2017, strategists at Rabobank apprise.
“During a corrective phase Fibonacci levels will provide important point of reference. Once the consolidation/correction runs its course in the near-term, we anticipate the USD/ZAR bulls to make yet another attempt to push higher as reflected in our 18.00 forecast over the 1-3 horizon.”
“This target may seem insufficiently bullish, but one should take into the account the possibility of a retracement towards the 61.8% and or even 76.4%.”
“Essentially, 18.00 will look far more bullish if USD/ZAR is trading close to 16.00 before resuming its upside momentum.”
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