Time to fade the dollar move and long the South African rand

Risk markets were a bloodbath this week. Explosive moves in the RV yield curve space caused ripple effects across a variety of asset classes. The US equity market was significantly affected, albeit only 2.5% from SPY ATHs. That said, there were some vicious sector rotations with momentum (TSLA,AAPL) really underperforming. EM took the brunt of this hit too, with the rand down over 4% on the 25th Feb. Today we come into a setup where the rand fell further and is now starting to rebound, in line with broad equity risk and a potential short-term top in yields. I'm entering long zar against the USD, targeting the 10day EMA at around 14.77. I will take 4/5 of the trade-off there and let the rest run.

Trade closed manually:

Trade worked and then didn't. The risk here is for a higher USD. The broadDXY is making a lower high, we're stopping out.