Medium Term Strategy: Forex Pair of the day
USD/ZAR – rebound
The pair has rebounded above the strong support at 12.08 (pullback area of the Descending Triangle and 61.8% retracement of the May to June up move). In addition, the daily RSI is supported by a rising trend line. Thus, further advance is expected with next targets on the upside standing at 12.63 (previous top) and 12.97 (Fibonacci projection of the May to June up move). A third target is set at 13.18. Alternatively, a downside breakout of the 12.08 intermediary level would trigger a limited correction towards the 11.7 strong support (long-term rising trend line and ascending 200-day moving average) and towards the strong horizontal support at 11.35.
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