The pandemic continues hurting economic activity in China, the war in Ukraine is hitting the entire European economy, and the Fed's efforts to control inflation threaten to trigger a recession.
The decline in USD/ZAR is on
2019-11-11 • Updated
SELL 14.17; TP1 14.1285; TP2 13.98; SL 14.22
USD/ZAR has recently breached down the support line from February lows. It also declined below the 50-, 100- and 200-day MA. The latter is currently providing resistance at 14.2256. The newly established downtrend is well visible on H4. USD/ZAR broke below the triangle - it’s a sign that the negative dynamics will continue. The near-term target lies at 14.1285 (May low). The next target is at 13.98 (61.8% Fibo).
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