To borrow from the Alex Ferguson lexicon it is squeaky bum time for the ZAR.We have traded back down to touch the 20 month uptrend line.The move from the 9.3000 high to yesterdays low is in 5 waves and has retraced 76% of previous impulsive move.This could be the end of a flat correction .If so we need to trade impulsively above 9.1600 the previous wave 4.If we trade higher in a non impulsive 3 wave pattern and cannot surmount 9.1600 or if we break support at 8.8500 we would have to consider other possible bearish options for USDZAR.
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