Solid analysis. USDZAR hasn't yet been able to break the ~13.604 support zone. Every strong bearish move to do so has been met with fairly strong price rejection. To me, it looks like it is building up pressure and when it finally decides to either break the support or break the resistance, it will do so with substantial force. I expect a breakout.
I've taken a fairly aggressive trade and an even more aggressive entry point. I'm long @ 13.662. I'm basing my trade direction bias on the weekly chart. I typically don't trade the exotics. 95% of my trades are with the majors and minors, but this pair jumped out at me a few weeks ago. I love how it has charted (especially on the weekly). Text book chart patterns, consolidation break out with new LT trend confirmed (beautiful HH/HL), and now ST trend change and confirmed putting LT trend at risk.
I've taken a fairly aggressive trade and an even more aggressive entry point. I'm long @ 13.662. I'm basing my trade direction bias on the weekly chart. I typically don't trade the exotics. 95% of my trades are with the majors and minors, but this pair jumped out at me a few weeks ago. I love how it has charted (especially on the weekly). Text book chart patterns, consolidation break out with new LT trend confirmed (beautiful HH/HL), and now ST trend change and confirmed putting LT trend at risk.