The pair in currently being squeezed by the 50- and 200-day EMA rates. A break above the 50-day EMA is expected which will allow the pair to break above the downward channel. Some resistance is expected in the yellow range .
A move into target range 1 is expected and a break above will allow the pair to top out in range 2 .
A break below 16.50 will allow the pair to drop into the green support range but event risk this month, and November, is expected to hamper this move (SA medium term budget, US election, Credit ratings review)
A move into target range 1 is expected and a break above will allow the pair to top out in range 2 .
A break below 16.50 will allow the pair to drop into the green support range but event risk this month, and November, is expected to hamper this move (SA medium term budget, US election, Credit ratings review)