I haven’t made a wrong prediction yet!
I joined FSPInvest.co.za in January 2013.
During those three years, I’ve written five predictions on rand weakness.
Out of those five predictions, I haven’t been wrong yet.
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In fact the last prediction was made in November 2015 where I expected the rand to go to R15.20 – it did.
But today, is the first time in three years I’m saying it will go up while most South Africans and economists think the opposite.
Let’s get right into the analysis and see what you can do to profit.
The rands next target is to R13.30 looking at the chart!
Analysis should be done with logic, rather than magic.
And with logic, I should be able to explain my reasoning for the rands upside to come.
What you’ll see is a currency pair between two currencies.
The US Dollar against the The South African Rand (USD/ZAR).
When the price in the chart goes up this means the US Dollar is going up. And simultaneously, the rand will come down.
And when the price in the chart drops, this means you can expect US dollar downside and Rand upside.
When you look at the chart, the USD/ZAR is clearly going down
But there’s a crucial level in this graph which tells me, the US dollar is going to go down against the rand even further.
This tells me that the rand is set to go to its next strong support level.
You can think of a support level as a floor level, where price tends to keep bouncing up on.
With my trading strategy
, this tells me the next support will be at R13.30.
In August, September and October 2015, the rand bounced on this strong support (floor level) continuously. You can think of this level as a psychological level where there is high volume of buying and selling. And so that’s where the rand looks to be headed next.
That’s how you can use support levels, to base your next rand prediction.
“Wisdom yields Wealth”
If you're interested in patterns, check out my Six Forex Profit Patterns