I've been playing the long USDZAR trade since the rectangle breakout a few weeks ago (see my earlier posts). It's clear we have come a long way quickly. Rate cut today with SARB provides some headline volatility but I would like to start taking profit and banking some gains. The last target in USDZAR is at 18 the figure which was the high in January 2016 during a rowdy Asian session. I still feel that the USD has some legs in light of the fight to grab Dollars but I suspect we will have some pullbacks, especially as the market will be getting tired. Will look for pullbacks to scale back into long USDZAR at better levels.
Trade closed: target reached
Selling the last of my longs up at 19.10 this morning. It's been a great run and I want to re-evaluate as we have come a long way quickly.
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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.