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

1. Left Shoulder
2. Head
3. Right Shoulder
4. Breakout Entry
5. 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.

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Cheers and safe trading,

Nenad