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FXAutomate

Long on Pullback - Price Target: Monthly Pivot

Long
U.S. Dollar / South African Rand (FX:USDZAR)  
FXAutomate  
FX:USDZAR   U.S. Dollar / South African Rand
Trend Analysis Wave Analysis Chart Patterns
1
0
trendanalysis waveanalysis chartpattern
With the Q2 YoY and QoQ GDP figures confirmed and worse than expected the road has been paved for further ZAR weakness. We are now seeing what appears to be a re-test of the breakout area @ 16.80 and could be a good opportunity to get long. The target is the Monthly Pivot @ 17.08 and if we break above that we will re-test the upper diagonal boundary @ around 17.35.
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