After a long bearish trend for USDZAR over the past two weeks, finally, the price was able to reach the weekly support cluster. We can also see the loss of momentum as the price approaches this zone. Moreover, there's formation of a bearish channel on the zone which signifies a potential reversal. To buy the market wait for the breakout of the channel then buy on the retest.
NB; Trade carefully and wait for clear price action to enter the market as market conditions can change anytime.
What is your plan on USDZAR? Bullish or Bearish, comment below!
Possible short term bullishness, but won't last. Much more rand appreciation over the short term due to further dollar weakness, supported by better than expected local economy. Expect retest of R13.40 and if that breaks, R11 to R12 very likely.
Erady_Pascal
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@juhanekom, of course, we are hunting for the pullback. Thanks for your ideas!