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USD/ZAR’s Elliott Wave Scenarios in Q2 2011

posted by Avatar FXTimes 769 days ago in USD, Technical, Quarterly made popular 769 days ago

Looking at the 1H and 4H charts below, we see that the USD/ZAR ended Friday with a reversal signal in the short-term. A 5-wave sequence can be spotted in these intra day time-frames and a bearish divergence with the 14-period RSI in the 1H chart. The 1H RSI reading is also dropping below 40, a sign of lost bullish momentum…
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