USD/ZAR had impulsive bullish movement at the end of last week, followed by a recent correction, which landed at a key level of 61.8% fib level before the next impulsive move. Price action is resembling a bullish pennant, which if played out, would land at at the next key level as noted. Trade at your own risk. Long term I anticipate price to run back to $15 to $16.
Trade active
Price rejected key level at 14.43; bears are on guard. Must watch how price continues to respond to key levels. News also on Wednesday will impact this pair.Note
Price could very well go like thisTrade active
Anticipation of news reaction impacted sentiment in the market. Budget concerns, credit ratings.Trade closed: target reached
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.