USD Trading Outlook (04-12-2015)

Medium Term Strategy: Forex Pair of the day

USD/ZAR – the upside prevails

The pair remains on the upside and should post further advance as it remains supported by its moving averages. Moreover, the daily RSI stands above its neutrality area. A first target to the upside is therefore set at 14.80 (Fibonacci projection). A break above this threshold would call for further bounce towards targets also given by a Fibonacci projection at 15.20 and at 15.85. 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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