Downside target for USD/CAD
USD/CAD has made an immense move to the downside on Tuesday falling by about 200 pips.
USD/ZAR is still in a range
Trade idea
SELL 15.05; TP1 14.95; TP2 14.80; SL 15.08
BUY 15.21; TP1 15.27; TP2 15.40; SL 15.18
Pay attention to the currency pair USD/ZAR. It has been consolidating between 15.10 and 15.50 since the start of August. All in all, the pair is in the area of resistance that limited the advance during the last few years. In the recent sessions, the pair has moved closer to breaking to the downside. The Awesome Oscillator on the D1 is falling. Moving Averages made a negative intersection on H4. The decline below 15.05 will open the way down towards 14.80. On the upside, the return above 15.20 is needed to allow the pair to recover to 15.27 (MAs on H4) and 15.40 (top of the sideways range).
Elizabeth Belugina
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