This currency pair provides a good opportunity to conclude August month on a high. Price action has been consolidating horizontally after that strong bear pressure which begun with a strong double bar bear engulfing pattern. Current fundamentals from South Africa are not that supportive of the Rand. Its economy is shambolic to-say the least and as they slide into recession, Repo rates shall be slashed in the near future. I will look to enter long and trade as follows:
Buy: 15.45
Stop Loss: Below 15.42
Take Profit: Ideal at this week's highs at 15.75
Buy: 15.45
Stop Loss: Below 15.42
Take Profit: Ideal at this week's highs at 15.75