The exchange rate has moved closer to the border of a medium-scale triangle and could be set for a breakout. The pair tested the monthly R1 at 1.7861 and moved back south. From a theoretical aspect, this might be a correctional movement. However, this correctional movement could find support set by the weekly at 1.7783.
The overall market sentiment is and it is likely to continue for the following week until it reaches the upper boundary of the junior channel where the weekly R1 is located.
Check out our trading platform: