Two buy opportunities on this chart for USDZARMid-Term Forecast:
Trading suggestion:
. There is a possibility of temporary retracement to suggested support line (16.545). if so, traders can set orders based on Price Action and expect to reach short-term targets.
Technical analysis:
. USDZAR is in a range bound and the beginning of uptrend is expected.
.The price is above the 21-Day WEMA which acts as a dynamic support.
. The RSI is at 53.
Take Profits:
TP1= @ 17.2610
TP2= @ 17.7630
TP3= @ 18.6940
TP4= @ 19.3420
TP5= @ 21.4450
SL= Break below S3
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Short-Term Forecast:
Trading suggestion:
. There is a possibility of temporary retracement to suggested support line (16.784). if so, traders can set orders based on Price Action and expect to reach short-term targets.
Technical analysis:
. USDZAR is in a range bound and the beginning of uptrend is expected.
.The price is above the 21-Day WEMA which acts as a dynamic support.
. The RSI is at 55.
Take Profits:
TP1= @ 17.2610
TP2= @ 17.5260
TP3= @ 17.7655
TP4= @ 18.1270
TP5= @ 18.6915
SL= Break below S3
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