The price line on USDZAR price chart started a descending wave on 13th of October 2022. After several bearish and bullish legs, the price line is now on the long term bullish trend line, which is expected to reverse the trend on this pair. The ascending green line on the chart reflects the long term trend line that was earlier mentioned. RSI has also broken above its bearish channel and the price line is expected to follow accordingly. Traders can be waiting for the price line to have a retest if level 0.382 of the Fibonacci retracement at about 10.50000, there they can enter long positions heading to the resistance levels above the current position of the price line.
• There is a resistance level at 10.75000 followed by resistance at 10.87666 and 11.22200.
Note: We do not suggest any investment advice, and these analyses are just to increase the traders’ awareness but not a certain instruction for trading.
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