Possibility of a pull back before making new highs
After hitting resistance from the overhead diagonal trend line we have seen the USDZAR pulling back on last week Thursday and Friday. It would appear that for today at least a re-test of the new weekly pivot @ 14.98 is a likely scenario that could lead to another move lower towards ~14.70 should we see price getting rejected. This level offers support in terms of the 50 Daily SMA, Weekly S1 pivot, and VWAPs anchored from the previous 2 Months' swing highs and swing lows. If however price also loses the latter support level a move to support near the Daily 100 SMA @ 14.43 could follow.
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.