USD/ZAR choose your bets - Up or Down? Sadly I say up to R20 :(
USD/ZAR has remained in a symmetrical triangle since January 2023.
This is a consolidation period of neither winning between the buyers and the sellers.
But we are now approaching the apex 3/4s. And a breakout is imminent.
NOw if we look at the pattern, it has a bullish flag pole which is favourable for the bulls to take the USD up to R20.00 against the ZAR.
I hope we broken down below the support which will take it to R16.00. And I hope I am wrong that it will be going to R20,00.
But unfortunately, I can't be biased and it looks like the next target above the resistance will be R20.00.
This is a consolidation period of neither winning between the buyers and the sellers.
But we are now approaching the apex 3/4s. And a breakout is imminent.
NOw if we look at the pattern, it has a bullish flag pole which is favourable for the bulls to take the USD up to R20.00 against the ZAR.
I hope we broken down below the support which will take it to R16.00. And I hope I am wrong that it will be going to R20,00.
But unfortunately, I can't be biased and it looks like the next target above the resistance will be R20.00.
✅ Facebook:
facebook.com/groups/matitrader
🌐Website:
timonandmati.com
𝕏 (Formerly Twitter):
twitter.com/timonr
Trade Well,
Timon Rossolimos
Founder, MATI Trader
(Pro trader since 2003)
facebook.com/groups/matitrader
🌐Website:
timonandmati.com
𝕏 (Formerly Twitter):
twitter.com/timonr
Trade Well,
Timon Rossolimos
Founder, MATI Trader
(Pro trader since 2003)
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.
✅ Facebook:
facebook.com/groups/matitrader
🌐Website:
timonandmati.com
𝕏 (Formerly Twitter):
twitter.com/timonr
Trade Well,
Timon Rossolimos
Founder, MATI Trader
(Pro trader since 2003)
facebook.com/groups/matitrader
🌐Website:
timonandmati.com
𝕏 (Formerly Twitter):
twitter.com/timonr
Trade Well,
Timon Rossolimos
Founder, MATI Trader
(Pro trader since 2003)
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.