With the looming interest rate decision, we might see some movement on the local front. I will be looking at the Alsi Sept 18 and the USD/ZAR currency pair.
USD/ZAR technical trade note
Source Bloomberg
Trade on Alsi
The Alsi has been trading in a sideways channel for a couple of months now with no clear direction that the price will move back to the all-time highs we have seen recently. With the price moving higher from the 48590-support level we might see it move higher once more. I will wait for a daily close above the 50472 level to place a long trade back to the 51480 level.
Trade for the Bulls
Source Bloomberg
Trade for the bears
Source Bloomberg
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