24.06.202214:34 Forex Analysis & Reviews: Trading plan for USDZAR on June 24, 2022

This information is provided to retail and professional clients as part of marketing communication. It does not contain and should not be construed as containing investment advice or investment recommendation or an offer or solicitation to engage in any transaction or strategy in financial instruments. Past performance is not a guarantee or prediction of future performance. Instant Trading EU Ltd. makes no representation and assumes no liability as to the accuracy or completeness of the information provided, or any loss arising from any investment based on analysis, forecast or other information provided by an employee of the Company or otherwise. Full disclaimer is available here.

Technical outlook:

USDZAR slipped to 15.85 during the early New York session on Friday and it could sink further towards the 15.40-50 area before finding some support. The currency pair has been drifting within a range between 15.40 and 16.20 in the past few trading sessions and continues sideways for a while before breaking out towards the 17.10-50 zone as highlighted.

USDZAR has been broadly unfolding a larger degree counter-trend rally from the 13.37 lows since June 2021. The currency pair has been successful in carving the first and second waves around 16.35 and 14.40. Since then, bulls are back in control and progressing higher within the third wave higher towards 17.10.

USDZAR has carved a lower degree upswing between 14.40 and 16.20-30, which has been retarded through the 15.20 mark as seen on the chart here. The currency might find intraday support at around 15.50 before resuming higher again. Traders might be preparing to hold long positions against 15.20 in the near term.

Trading plan:

Potential rally through 17.10 against 14.40

Good luck!

Back to the list

Open trading account

InstaForex analytical reviews will make you fully aware of market trends! Being an InstaForex client, you are provided with a large number of free services for efficient trading.