Chart of the day: USD/ZAR
|The USDZAR has spent the last few days probing key resistance which are the lows from February at the 14.4100 level. Above that the 50% retracement of the march highs to June lows comes in at 14.4859. A break above this level would open the door for the 200dma next. Near term, the consolidation pattern may be a flag consolidation prepping for the next leg higher, especially given that the Mid May to Mid June move lower may have been a big "false breakdown" of horizontal support.
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