1426 GMT [Dow Jones]--USD/ZAR has been in a downside correction for much of 2014, but the bounce off the 61.8% Fibonacci level at 10.2520 halted the decline, and the double-bottom near 10.2910 and subsequent bullish trend reversal above 10.3690 last week puts the downtrend to bed, says RBC Capital Markets Chief Technical analyst George Davis. A daily close Tuesday above 10.6850 would amplify this view, targeting 10.7460 and the area of congestion up at 10.9320. Now at 10.7350, Mr. Davis says only a close below 10.2910 will negate this bullish outlook. (gary.stride@wsj.com)
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(END) Dow Jones Newswires
June 03, 2014 10:26 ET (14:26 GMT)
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