The USDZAR has now broken out of the bearish channel its been trading in since the beginning of the month. The bottom was confirmed by clear Bullish divergence and what now appears to be a W bottom. Should price continue to hold above the support area between the W neckline at 16.75 and the breakout level at 16.65. We could see price advancing to the target area of 17.10 to 17.35. Note that there is some resistance at the 16.90 level which could trigger a short consolidation or pullback to the support level .
Trade closed: target reached:
Played out perfectly