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Chart Of The Day: USD/ZAR

Published 04/22/2021, 05:33 PM
Updated 07/09/2023, 06:31 AM
USD/ZAR
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Many U.S. dollar pairs have similar setups, but the USD/ZAR is in a descending wedge, which may be suggesting a bullish reversal soon. A break of the 14.4000 level could mean a move back to the 15.0000 level, which is the long-term descending trendline.
We should also note, despite the rally to all-time highs in U.S. equities, USD/ZAR has not broken the lows from the end of 2019, so if the pair does not break the 13.9300 level, we could be creating a higher low longer term. 
 
USD/ZAR Daily Chart.

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