USD/ZAR: a trade idea

USD/ZAR: a trade idea

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.

USDZARDaily.png

Similar

GBP/CAD is insatiable

GBP/CAD has broken above the ascending triangle, which is now providing support in the 1.7100/1.7060 area.

EUR/CAD is ready for a move

EUR/CAD has formed a couple of higher lows since October. The pair has managed to overcome the 50- and the 100-day MAs at 1.4588 and 1.4640 respectively.

Latest news

GBP/CAD is insatiable

GBP/CAD has broken above the ascending triangle, which is now providing support in the 1.7100/1.7060 area.

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