USD/ZAR target hit at R18.48 & we have another dreadful target
It pains me to say our USD/ZAR trade hit the take profit level at R18.48 and now it looks like further upside for the USD is on the way.
Another Cup and Handle has formed, which has broken above the neckline.
And if we place the stop loss below the handle, we get the next target at R19.71.
7>21>200
RSI>50
Target R19.71
With interest rates on the rise in America after Daddy Powell mentioned more upside to come, meanse investors will continue to invest in the US dollar with high income yielding assets like Bonds, Money Markets and High interest savings rates options.
As long as interest rates (or the fear of them) continue up, we will continue to see US dollar strength which will bring down many other exotic currencies like the rand.
Another Cup and Handle has formed, which has broken above the neckline.
And if we place the stop loss below the handle, we get the next target at R19.71.
7>21>200
RSI>50
Target R19.71
With interest rates on the rise in America after Daddy Powell mentioned more upside to come, meanse investors will continue to invest in the US dollar with high income yielding assets like Bonds, Money Markets and High interest savings rates options.
As long as interest rates (or the fear of them) continue up, we will continue to see US dollar strength which will bring down many other exotic currencies like the rand.
✅ Facebook:
facebook.com/groups/matitrader
🌐Website:
timonandmati.com
𝕏 (Formerly Twitter):
twitter.com/timonr
Trade Well,
Timon Rossolimos
Founder, MATI Trader
(Pro trader since 2003)
facebook.com/groups/matitrader
🌐Website:
timonandmati.com
𝕏 (Formerly Twitter):
twitter.com/timonr
Trade Well,
Timon Rossolimos
Founder, MATI Trader
(Pro trader since 2003)
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