For Traders

Analytical Reviews

Trading plan

23.06.202212:45 Forex Analysis & Reviews: Trading plan for USDZAR on June 23, 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 rose above the 16.05 intraday high on Thursday after slipping through the 15.80 lows on Wednesday. The currency pair is seen to be trading close to the 16.00 mark at this point in writing and is expected to stage a rally through 16.80 and 17.50 in the next few trading sessions. Bulls will be poised to hold prices above 15.16 going forward.

USDZAR is producing a Morning Star candlestick pattern on the daily chart. If successful, prices would push towards 16.80 from here. Besides, the probability still remains for a drop through 15.50 before resuming higher through 16.80 and 17.10-50 in the next several trading sessions.

USDZAR has been carving a larger degree corrective rally from the 13.37 lows earlier. The currency remains well supported around 14.40 and bulls are to remain in control until it holds. The currency pair seems to be within its last-leg rally through 17.10 before finding resistance again. Bears are expected to be back in control thereafter.

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.