USD Trading Outlook (30-09-2015)

Medium Term Strategy: Forex Pair of the day

USD/ZAR – further advance
The pair has rebounded above the strong horizontal support at 12.95 and remains supported by the rising 50-days moving average. Moreover, the daily RSI is well directed. Further advance is therefore likely towards the targets given by a Fibonacci projection at 14.80, 15.20 and at 16.10 in extension. Only a break below the strong support at 12.95 would turn the outlook to bearish with a first alternative target set at the previous overlap at 12.60 and a second one set at the horizontal support at 12.30.
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