USD/ZAR: correction has started

USD/ZAR: correction has started

Information is not investment advice

It looks like USD/ZAR has overdone its increase in the short-term. The currency pair formed a bearish candlestick with a long upper wick on D1. It tested levels beyond the third weekly pivot resistance level but failed to stay there. As a result, we see a pullback to the downside. The first target for the decline is at 14.5215. The buying interest may re-emerge in this area.

Notice that South African President Cyril Ramaphosa announced the composition of his cabinet. This helped to calm down the nerves of investors worried because of the political delay. Notice that concerns about the US-China trade war will still hurt the market’s sentiment, so be reasonable with your sell targets.

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Levels for trading USD/CAD

To gain the ability to head higher, towards 1.3445, USD/CAD needs to overcome 1.3355 (61.8% Fibo of the May-July decline).  

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