USDZAR has traded choppily higher over the last year or so.The pattern is not to dissimilar to the pattern seen in the 1st half of 2001.USDZAR exploded higher out of that pattern and we believe it will do the same again once its current pattern exhausts.We are buyers on dips and believe this current dip maybe the last one before upside acceleration .The dip has been very shallow (one would have expected a deeper move into the 9.0000-9.1400 fib zone)Perhaps the shallowness of the retracement is a sign of the weakness of the ZAR .Regardless once this consolidation completes we expect a fast move towards 10.5000.
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