USDZAR Short opened with T1 @ R14.20 and T2 @R14.00

Hi Guys, We broke down the daily uptrend today on USDZAR after another failed and shortlived rally passed that briefly passed R14.75 and R15.00 with big sellers coming in again to drive the price under R14.75. We broke under the uptrend today and sitting at a support level stable for now. A break below R14.50 and sellers should enter with some support at R14.40 but doubt that will hold. Strong chart support sits at R14.20 and then R14.00. I think we will see some choppy price action around R13.90 to R14.20. R14 tends to be 61.8% as well so its a good area to bounce on.... The RSI seems to be overbought based on the history not going too high so a pull back is in order there as well. Worst case scenario if this breaks well under R14.00, then this could test the breakout (yellow line) But I think R14 is going to be super strong with lots of new buyers...well at least for now. Good luck (This is just my thoughts as to what I will be watching this week) and do your own research. Happy Trading Y'all!!!

Dagangan ditutup: hentian tercapai:

Closed out my position for a profit after breaking out of the downtrend and back above R14,40.. as the EURUSD failed to break through 1.15350 levels.. dollar is strengthening... USDZAR should pull back. watching the 14.50 levels now to see what happens there to go long or short.