LONG USDZAR @ 14.67
TP @ 16
SL @ 14.40
We have seen the ZAR strengthening against the US dollar in the last few weeks. This was dude to rising global commodity prices helping SA's net exports. Another reason was that due to inflation and SARB entered an aggressive hiking cycle. However, I think this move is oversold. SA has many problems that they need to recover from before ZAR can continue to throw its weight around. On top of this, we have broken out of the downward channel, and cleared resistance at the 14.67 Fibbo lvl. I have therefore entered my trade at that lvl as I expect the pair to grind towards the 16 mark in the coming days and weeks.
Good luck.
TP @ 16
SL @ 14.40
We have seen the ZAR strengthening against the US dollar in the last few weeks. This was dude to rising global commodity prices helping SA's net exports. Another reason was that due to inflation and SARB entered an aggressive hiking cycle. However, I think this move is oversold. SA has many problems that they need to recover from before ZAR can continue to throw its weight around. On top of this, we have broken out of the downward channel, and cleared resistance at the 14.67 Fibbo lvl. I have therefore entered my trade at that lvl as I expect the pair to grind towards the 16 mark in the coming days and weeks.
Good luck.
Comment:
USDZAR bounced off the old downward channel at 14.45. Now back up to 14.65 - we need to see it break though the 14.68 fibbo resistance lvl for further upside.
Comment:
USDZAR pushing though the 14.68 fibbo resistance lvl. next lvl comes at 14.84...
Comment:
USDZAR ripping through the 15.12 fibbo resistance. The trade is now +45 pips in the money!
Comment:
USDZAR CLOSED AT 15.51 +80 PIPS OF PROFIT.