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USD/ZAR Technical Price Action Cues for a Possible Retracement

By:
Nenad Kerkez
Updated: Oct 21, 2021, 11:25 UTC

Based on the price action, we should see a move down after either a rally or a breakout.

USD/ZAR Technical Price Action Cues for a Possible Retracement

In this article:

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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

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  1. Left Shoulder
  2. Head
  3. Right Shoulder
  4. Breakout Entry
  5. 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.

For a look at all of today’s economic events, check out our economic calendar.

Cheers and safe trading,

Nenad

About the Author

Nenad Kerkezcontributor

M.Ec. Nenad Kerkez aka Tarantula is Elite CurrenSeas Head trader and a valued contributor to many premium Forex and trading websites.

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