- Record high unemployment rate in South Africa
- The pair tests the lower limit of the growth channel
Recommendation:
Trade: Entry into a long position in the
USDZAR
currency pair at market price
- Take Profit 1 : 14.88
- Take Profit 2 : 15.30
- Stop loss: 14.34
The South African Rand is trading under pressure after recent data show that the unemployment rate in the Republic of South Africa reached a new record high of 32.5% in the last quarter of 2020.
From a technical point of view, the price is close to the lower limit of the growth channel, which coincides with 50 SMA (green line) and local support at the level of 14.62.
Therefore, we recommend entering a long position in the USDZAR currency pair at a market price with two goals: 14.88 and 15.30.
We also recommend placing a stop loss order at 14.34.
Source : xStation5
Trade closed: target reached:
Take Profit 1 : 14.88 - DONE
Trade closed: target reached:
Take Profit 2 : 15.30 - DONE