The ZARJPY went down by 20% from Feb , this deep correction caused an oversold situation , look at the RSI and CCI oscillators , that in the medium period could cause a bounce . In this case the pair could increase up to reach the static resistance placed to 8.5 ; the ideal target for Oct , i think
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Вроде как без вариантов - по W1 чарту пару ожидает снижение. Пробой отбой цены от глобальной трендовой. Пара не является скороходом. И поскольку снижение идет явно по растянутому циклу я приняла решение за вторую точку вектора принять фибо 123. Цель 7.912
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The ZAR/JPY appear to be in a sort of lateral channel since Q1 2017 , in range between 8 and 8,8 . At the moment is in the upper zone of this channel , with the RSI oscillator that provide support for a further increase Also the MACD and SMI oscillators are bullish , with a similar set appear unavoidable ( for me , of course ) bet on a target around 8.85 for Sept
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On weekly chart we can see price climbed above 61% around 9.000 then MACD showed divergence and price fall bellow 50% and stopped touching 38% fibo. On daily chart we can see that price met resistance around 9.200 it failled stay above it and rise. MACD show divergence and price fall to 7.900 level. ADX rose above 25 showing strong trend, CONCLUSION: Downtrend is strong we may have small retracement and then drop again. I expect to see 7.800 till September.
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