Proper breakout on the USDZAR, with the trend getting stronger by the day. 50-Day moving average also made a turn (for the worse), which is getting mighty close to reversing the Misery Cross (Golden Cross if you look at the ZARUSD) we saw end of February. Levels to watch:
1. The 0.786 Fibonacci retracement resistance level at R14.80 is also the top of the wedge, with a break through these levels most probably testing the highs of last year – R15.69
2. A reversal of the trend should see support at R14.39, with a drop below these levels, looking at both the 200-day (R14.10) & then 50-day (14.01) moving averages, for next support levels.
1. The 0.786 Fibonacci retracement resistance level at R14.80 is also the top of the wedge, with a break through these levels most probably testing the highs of last year – R15.69
2. A reversal of the trend should see support at R14.39, with a drop below these levels, looking at both the 200-day (R14.10) & then 50-day (14.01) moving averages, for next support levels.