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USD Trading Outlook (16-09-2015)

Medium Term Strategy: Forex Pair of the day
USD/ZAR – end of the consolidation
The pair retreated from a new high at 14 without validating any reversal sign. Thus, this consolidation is expected to come to an end soon, potentially around the 20-day moving average (MA), which has been acting as a support since July. In addition, even if the 20-day MA is penetrated, the downside potential is expected to be limited to the 12.95 support area (rising trend line and ascending 50-day MA). As a consequence, above 12.95, a rise towards14 and 14.8 is expected. Only a push below 12.95 would tarnish this bullish outlook and call for a deeper correction towards 12.6 and even 12.3.
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