Reversal From 10Y Diagonal Support
The ZAR has seen significant gains against the USD over the past 3 weeks resulting in a test of the 10-year diagonal support line @ 14.08. From here the probability for a reversal and pullback to at least 14.60 (38% Fib along with the Daily 100 and 200 SMA's) or 14.90 (61% Fib) is significant. If the price gets rejected and closes below Friday's low this will be considered very bearish with a move to 14 and below likely in such a scenario.
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