USD/ZAR technical analysis
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USD/ZAR is in downtrend.
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The price is bouncing off support.
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Selling the rallies is possible if the price stays below M L3/Q L3 PP.
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Breakout lower below M L4 pivot will make a continuation move.
Daily chart USD/ZAR
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Left Shoulder.
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Head.
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Right Shoulder.
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Breakout Entry.
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Target for a move up/retrace.
The price is in a downtrend. Based on the price action, we should see a move down after either a rally or a breakout. Breakout should happen below M L4 14.37812. However, as we can see the dollar is getting stronger vs ZAR so the breakout to the upside might also happen. Target would be Q L3/M L3 of resistance 14.66668-14.70656. Watch for selling the rally if the price gets there. If point 4 on the chart happens, the breakout target would be 13.7572-13.6021.
The analysis and the article presents Nenad's opinion. Remember, financial trading is highly speculative & may lead to the loss of your funds. Proper risk management is the Holy Grail of trading.
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