USD/ZAR is in a triangle

USD/ZAR is in a triangle

Trade idea

SELL 14.34; TP 14.28; SL 14.36

USD/ZAR met the resistance of the line connecting September, March and May highs in the 14.50 area and formed a candlestick with a long upper wick on D1. The pair is consolidating in a triangle and may revisit its lower border provided by the support line since the start of 2019. The pattern on H4 resembles a “Head and Shoulders”. A decline below 14.35 will open the way down to 14.28/25.

USDZAR.png

Similar

Important levels for CHF/JPY

CHF/JPY met the resistance of the declining 50-day MA and turned down. Its potential target lies at the support line connecting the lows of May in the 108.25 area.

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