USD/ZAR lots of fundamentals in play; outcome of US elections (Democrats took the house) is good for the rand; Rand outlook is improving overall economically. Looking for rand to strengthen and hit next key level. Price is currently sitting a key level in the market.
Trade active
The large bull run that we just saw I believe to be a pullback to test the trendline. Given we broke a major area of support and the economic outlook for South Africa my bias is still bearish overall. Trade active
I believe we may see a re-test to the 61.8% fib area, or the trendline before the continuation down. I would watch closely to see if price breaches beyond the firm level of resistance above, which was previous support. We don't make the market but go along for the ride. Be sure to use proper risk management.
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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.