The pair was not able to move lower, and broke 17.6400 area instead. The issue was negative environment, and a descending wedge warning of move higher over-time. The move lower did not happen within the wedge. Gold also moved lower helping weakening of the ZAR.
Now the picture is near overbought state, but we should keep focus on BUY side lower. I feel maybe near 17.6750 -17.6900 is the buying zone for now.
Strategy BUY @ 17.6450-17.6900 and take profit near 17.8250 for now.
Now the picture is near overbought state, but we should keep focus on BUY side lower. I feel maybe near 17.6750 -17.6900 is the buying zone for now.
Strategy BUY @ 17.6450-17.6900 and take profit near 17.8250 for now.
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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.