The ZAR continues to strengthen against the dollar amid increased uncertainty about the upcoming election and market stimulus talks. Multiple levels of diagonal support has now been breached and a move lower towards the Weekly S2 Pivot @ 16.27 and eve the Monthly S1 Pivot (also acting as the weekly S3 Pivot ) @ 16.10 can be expected. In the scenario of a pullback resistance will be in the area of 16.55 with a close above invalidating the bearish setup and targeting the Monthly Pivot @ 16.68



more…

READ  A +200 pips move is expected on EURGBP for FX:EURGBP by DaytradeWM