Chart of the day: USD/ZAR

Blake Morrow Forex Analytix

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.

Author

Blake Morrow

Forex Analytix

Blake Morrow spent most of his professional career as the Chief Currency Strategist for Wizetrade group for 15 years, and then the Senior Currency Strategist for Ally Financial after the acquisition of Tradeking which owned the Wizetrade Group.

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