USD Trading Outlook (20-07-2015)


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.

20-7-15 - zar

Back to Currencies Archive

join THOUSANDS OF other people
who trade with easymarkets

Two minutes is all it takes.

You're almost there!

Finish your application and start trading today.


Two minutes is all it takes.