FXAutomate

Continued ZAR Strength Expected

Short
FX:USDZAR   U.S. Dollar / South African Rand
The ZAR continues to strengthen against the dollar amid increased uncertainty about the upcoming election and market stimulus talks. Multiple levels of diagonal support has now been breached and a move lower towards the Weekly S2 Pivot @ 16.27 and eve the Monthly S1 Pivot (also acting as the weekly S3 Pivot) @ 16.10 can be expected. In the scenario of a pullback resistance will be in the area of 16.55 with a close above invalidating the bearish setup and targeting the Monthly Pivot @ 16.68

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