The down trend is turning into a more neutral basing pattern. Bullish divergence and broader USD strength support this idea. Keep an eye out on the resistance area around 11.9045. Clearing this level triggers a recovery towards minimally 12.4515 and the pivots around 12.4810. With stops below 11.71 this setup gives a friendly risk/reward ratio of 2.81.
Primary trend: neutral/negative
Outlook: consolidation in down trend, recovery likely
Strategy: trading-buy > 11.9045
Support: 11.71 / 11.5390
Resistance: 11.9045 / 12.4515* / 12.4810+
Outlook cancelled/neutralized below 11.71
USDZAR
Primary trend: neutral/negative
Outlook: consolidation in down trend, recovery likely
Strategy: trading-buy > 11.9045
Support: 11.71 / 11.5390
Resistance: 11.9045 / 12.4515* / 12.4810+
Outlook cancelled/neutralized below 11.71
USDZAR
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.