USDZAR's potential short-term resitance

Russell Shor, CFTe, MFTA FXCM

The above chart shows hourly price action. Key resistance is potentially at the confluence of factors including the R1 pivot level, the 61.8%-76.4% Fibonacci retracement levels and price congestion resistance (green rectangle). The stochastic is also at seller friendly levels (green ellipse). A pullback in USDZAR may provide a “sell the rally in a downtrend” opportunity.

Author

Russell Shor, CFTe, MFTA

FXCM

Russell Shor (MSTA, CFTe, MFTA) has an Honours Degree in Economics from the University of South Africa and holds the coveted Certified Financial Technician and Master of Financial Technical Analysis qualifications from the Interna

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