USD/ZAR is into an uptrend, so the bias is bullish. It has decreased to test and retest the uptrend line before resuming its growth. Technically, It could resume its upwards movement as long as it stays above the current uptrend support.
Some positive US data reported during the week could boost the DXY after the current decline and could lift the USD/ZAR.
Technical Analysis!
USD/ZAR has retested the uptrend line and now is pressuring the minor downtrend line, dynamic resistance. Its failure to stay under the descending pitchfork’s median line (ml) and the breakout through the weekly pivot point (14.459) signal strong buyers in the short term.
Taking out the minor resistance and making a new higher high could activate further growth in the short term. 14.788 high is seen as a major upside target. The pair could be attracted by the upper median line (uml) of the descending pitchfork if the price stays within the uptrend.
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