USD/ZAR technical analysis
- USD/ZAR is in downtrend.
- The price is bouncing off support.
- Selling the rallies is possible if the price stays below M L3/Q L3 PP.
- Breakout lower below M L4 pivot will make a continuation move.
Daily chart USD/ZAR
- Left Shoulder.
- Head.
- Right Shoulder.
- Breakout Entry.
- Target for a move up/retrace.
The price is in a downtrend. Based on the price action, we should see a move down after either a rally or a breakout. Breakout should happen below M L4 14.37812. However, as we can see the dollar is getting stronger vs ZAR so the breakout to the upside might also happen. Target would be Q L3/M L3 of resistance 14.66668-14.70656. Watch for selling the rally if the price gets there. If point 4 on the chart happens, the breakout target would be 13.7572-13.6021.
