USD/ZAR: there’s more to come

USD/ZAR: there’s more to come

Trade idea

SELL 14.5450; TP 14.4600; SL 14.5730

It looks like USD/ZAR is capable of more downside on the ongoing trade optimism and as the market’s view switches to the Federal Reserve’s meeting later this month. The pair has broken below the 50% Fibonacci retracement of the July-August advance and the 50-day MA in the 14.6530 area - now this is the main resistance. The key support lies at 14.55 (yesterday’s low, 100-day MA). The decline below this level will open the way down to the 61.8% Fibo at 14.4570. Notice that there’s some bullish divergence on H4, so a move higher seems likely before we see any attempt for lower levels.

USDZAR.png

Similar

XAU/USD: a short-term trade

Last week XAU/USD recovered 38.2% of the November decline. However, the advance of gold was limited by the declining 50-period MA on the H4.

GBP/USD: levels to trade

GBP/USD has been consolidating between 1.30 and 1.2770 for the past month. The pair met resistance at the resistance line connecting October and November highs.

Latest news

XAU/USD: a short-term trade

Last week XAU/USD recovered 38.2% of the November decline. However, the advance of gold was limited by the declining 50-period MA on the H4.

GBP/USD: levels to trade

GBP/USD has been consolidating between 1.30 and 1.2770 for the past month. The pair met resistance at the resistance line connecting October and November highs.

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