TheOnlyVince
Long

Time to come back in USDZAR like proud bull

FX:USDZAR   U.S. Dollar / South African Rand
USD/ZAR             has been up trending for the last two years with the precision of a Swiss watch. The current bullish channel is still in play and the pair is about to test the lower bound of it after two failed attempt to break above the 11.3388 resistance line. Here are the reasons why rebound is soon due:

Fundamental background:

The Dollar is still supported by the Fed monetary policy in place ( QE unwinding and probable rate hike in 2015).

Technical picture:

As said on the intro, the pair is about to retest the lower bound of a two years up trending channel, in addition to that, the stochastic oscillator is about to enter oversold territory which suggest that the downside potential is now limited and a reversal becomes more and more probable. We have two key supports to watch closely which are 10.8950 and lower at 10.80 (low level of October). Last but not least the 200DMA comes as a strong support.

Trade setup

Agressive entry @10.8950 and more conservative at 10.8000

SL@10.60

Two take profits targets will be placed at 11.3388 and the second one at 11.60.
Where is it going now? I think a bit of a push up to 12 region followed by continuation of down trend to 200MA zone. Any ideas?
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Great insight into USDZAR back 6 months ago. Your analysis proved to be right on the money.
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Good idea
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TheOnlyVince majidhussain35
Thank you majidhussain :)
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