USD ZAR TRADE IDEA
The USD/ZAR chart displays a clear upward trend since 2019, characterized by higher highs and higher lows. An ascending channel pattern has formed, with the price currently trading within its boundaries. Key resistance levels are observed at 19.8128, 19.6694, and 19.34313, forming potential supply zones where selling pressure has previously been observed. Key support levels are seen at 18.54398, 18.21901, and 17.74159, forming potential demand zones where buying support has previously been observed. Given the prevailing uptrend and the ascending channel, a long trade could be considered. A long entry could be triggered upon a break above the upper trendline of the channel or a retest of a demand zone. A stop-loss order could be placed below a recent swing low or the 18.00000 level. The profit target could be set at the 19.8128 resistance level or the upper boundary of a supply zone. It is crucial to conduct thorough research, consult with a financial advisor, and implement proper risk management strategies before entering any trade.
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