It is expected that this pattern is breached in this session and, given its characteristics, a breakout is likely to occur to the downside. This scenario would be in line with the senior channel, as the rate is close to reaching its upper boundary.
A significant support is provided by the 55-, 200– and 100-hour SMAs and the weekly PP in the 8.2400/2850 territory. This area could introduce some changes to the aforementioned fall. As a result, the lower channel boundary might not actually be reached, giving the Rand an opportunity to surge.
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