The pandemic continues hurting economic activity in China, the war in Ukraine is hitting the entire European economy, and the Fed's efforts to control inflation threaten to trigger a recession.
USD/ZAR turned up
2019-11-11 • Updated
BUY 14.50; TP 14.65; SL 14.45
USD/ZAR rebounded from the 200-day MA at 14.18, went up through the 100- and 50-day MAs and formed an “inverted Head and Shoulders” pattern. The bullish pattern will remain in place as long as the pair’s above the neckline at 14.35. The cue to buy will come once the price gets above the 50% Fibo retracement of the June-July decline at 14.49. The first target will be at the next Fibo level at 14.65. Retracements to 14.35 should also attract buyers.
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