FXAutomate

USDZAR Inverted Head and Shoulders

Long
FX:USDZAR   U.S. Dollar / South African Rand
Over the past 3 months, the USDZAR has formed a classical inverted head and shoulders bottom with the current neckline at the Daily 100 SMA. If the price breaks above this level the targets would be 15.00 followed by 15.50. If however it fails to break the neckline and breaks below support @ 14.25 a move back to the 10-year diagonal support @ 14.00 can be expected as this is also the current monthly pivot level.

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