The decline in USD/ZAR is on

The decline in USD/ZAR is on

Trade idea

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).

USDZAR 27.png

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