16 August ZAR Analysis

Below follows an analysis using the Probability Study Technique on the South African Rand:

We can derive from the chart above

that:

1) The Major Trend is still bearish

2) The Current Trend is bullish

3) The 60minute trend is bullish

So, for Monday, 16 August 2010 we can expect the ZAR to rise or strengthen. Below follows the level where the bullish context will change as well as significant support and resistance:

The sideways green arrow means price is currently consolidating (but expect a break to the upside)

If price moves below 7.310 then the Direction of Highest Probability will become bearish

Enjoy

JC