The dollar currency has showed signs of strength, rejecting price level @100.4815, Which is also the 0.618% (discount) Fibbonnaci level, measured from the January 2018 Low @88.1967, to the High @114.728.
Now we can agree that the Dollar could surge even higher from the price, however the dollar to the rand exchange rate has neared it's 3 month High @18.58420.
The dollar should be slowing down on its rally and could/will make new highs but In
slower and less volatile market moves - signalling a shift in market structure and fear brewing in the market.
Speculators like you & I may perceive the dollar to rand exchange rate as expensive or too high that will lead to many closing or locking positions. Leaving the markets with minimal buying - side pressure and more sell - side pressure, causing a change in the initial direction and a shift into the market structure to a bearish sentiment.
DIRECTION -
INTRADAY/MID-TERM: ( from 21 Feb ) BULLISH - BUY
LONG TERM: BEARISH (Weekly/ Monthly)