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U.S. Dollar / South African Rand

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USDZAR trade ideas

usdzar buy tradeThe USD/ZAR pair has been in a strong uptrend since July 2023, breaking above the resistance level of 18.00 and reaching a four-month high of 19.10 on October 9, 2023. The pair is supported by the rising 50-day and 200-day moving averages, which indicate a positive momentum and a long-term bullish trend. The pair is also trading above the upper boundary of the ascending channel, which suggests a continuation of the uptrend and a potential breakout to the upside.
Long
by Mansa_Musa_Capital
1
USDZAR One last High before this 3-month rally is exhausted.The USDZAR pair made a 4-month High last week, extending the 3-month rally since the Higher Low at the bottom of the Channel Up pattern on July 27. With the 1D MA50 (blue trend-line) and 1D MA200 (orange trend-line) supporting, based on the previous Higher High, the price has one last run to make before getting exhausted. Our target is the 1.5 Fibonacci extension at 20.2500. ------------------------------------------------------------------------------- ** Please LIKE 👍, FOLLOW ✅, SHARE 🙌 and COMMENT ✍ if you enjoy this idea! Also share your ideas and charts in the comments section below! This is best way to keep it relevant, support us, keep the content here free and allow the idea to reach as many people as possible. ** ------------------------------------------------------------------------------- 💸💸💸💸💸💸 👇 👇 👇 👇 👇 👇
Long
by TradingShot