Traders respecting the longer term uptrend still in place (dollar strength / rand weakness), might prefer keeping a long bias to positions.
Long entry might be considered on a bullish price reversal closer to either the R18.70/$ or R18.40/$ support levels, ideallyaccompanied by a move out of oversold territory as well. In this scenario a move towards initial resistance at R19.35/$ becomes the initial upside resistance target, while a close below the reversal low might be used as a stop loss consideration.
There are a number of key data points spread throughout the new trading week which could influence direction in the USD/ZAR, a summary of which is as follows:Leveraged trading in foreign currency or off-exchange products on margin carries significant risk and may not be suitable for all investors. We advise you to carefully consider whether trading is appropriate for you based on your personal circumstances. Forex trading involves risk. Losses can exceed deposits.
We recommend that you seek independent advice and ensure you fully understand the risks involved before trading.a registered Introducing Broker with the Commodity Futures Trading Commission and is no longer a Member of the National Futures Association in the U.S. Any and all information provided by FXP is not intended for use by U.S. residents or individuals domiciled in the U.S.
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