USD/ZAR: a trade idea
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Trade idea
BUY 14.50; TP1 14.64; TP2 14.85; SL 14.38
There’s a trade idea for USD/ZAR. The pair broke above the resistance line going through October highs but then was stopped by the 50% Fibonacci at 14.6380. This led to a correction down.
The previous resistance and now support line plus the 100-day MA at 14.38 may spark new buying interest. The pair can for a “Rising three” candlestick pattern (there may be up to 5 red candlesticks within 1 green) and the pair will return to the previous highs and then go higher. A decline below 14.38 will diminish the possibility of a bullish scenario.
