USD/ZAR vantage point – The pair is at the crossroad

Nenad Kerkez Top-XE

USD/ZAR technical analysis

USD/ZAR is in downtrend.
The price is bouncing off support.
Selling the rallies is possible if the price stays below M L3/Q L3 PP.
Breakout lower below M L4 pivot will make a continuation move.

Daily chart USD/ZAR

Left Shoulder.
Head.
Right Shoulder.
Breakout Entry.
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.

Author

Nenad Kerkez

Top-XE

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