USDZAR: Wyckoff Distribution: Rand is strengthening

USDZAR seems to be going through a typical Wyckoff distribution after an uptrend. A Buying Climax (BC) occurred on high volume and a throw over of the overbought line. We see low volumes on advances and higher volumes on declines. Volumes at the top of the range has been high but decreasing on subsequent tests of the highs. A Upthrust after Distribution (UTAD) has occurred and a lower volume Last point of Supply (LPSY). Divergence with the OBV is also seen. Using a Point and Figure count (see below comment) a target between 12.3 and 13.6 can be set.

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The Rand has found resistance at the 50Day SMA. With supply drying up as seen in the volume and Volume RSI. We could bee looking for a break of the distribution trading range.