Perfect Technical Setup
The USDZAR has seen consecutive bearish candles every day since it tagged resistance near the top of the bullish diagonal channel. It has now entered into an area of multiple levels of very strong support which includes the Weekly 200 SMA, Daily 100 and 50 SMA's, Diagonal & Horizontal Support. So from 14.60, it provides what is probably one of the highest probability long setups of the year. I am expecting a move to 14.95 followed by a minor retrace to around 14.81 before heading back to the last swing highs near 15.30. If it moves below 14.55 all bets are off and I will be left flabbergasted as the price then probably heads to 14.25.
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