Paulina asked me to update my view on ZAR
The South African Rand (ZAR) has been much weaker than expected and continues to weaken. As we have already broken above the 38.2% target of the distance travelled from the bottom of wave 1 to the top of wave 3 that Means the next target for wave 5 is at the 50% target at 11.6058, but a more normal target would be the 61.8% target at 12.0764.
To confirm that a top is in place a break below support at 10.5825 is needed, but already a break below support at 10.7750 will indicate that wave v is in place, but for now the upside still dominates, but we are closing on a top.
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