USD/ZAR: a potential top

USD/ZAR: a potential top

2019-11-11 • Updated

Trade idea

SELL 15.10; TP1 15.05; TP2 15.00; SL 15.12

Yesterday USD/ZAR formed yesterday a bearish engulfing pattern on the D1. The pair also formed a lower high on H1 and H4 and fell below the short-term support line at 15.15 - this level is now acting as resistance. As long as the price stays below it, it’s vulnerable for a decline to 15.05 and 15.00. As a result, small bearish bets seem like an interesting option.

USDZAR.png

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