Home Technical Analysis USDZAR to re-visit short-term peak

USDZAR to re-visit short-term peak

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The USDZAR pair has found a very solid support in the 11.7000 territories as seen on the provided daily chart.

This support has assisted short-term bulls to take the pair above Ribbons lines-EMA10 to 80- and assisted momentum indicator-RSI14- to trade above the value of 50.00.

usdzar-01-06-2015-fxcomment

Eyes are now on the peak recorded on April 23 at 12.2880, as a break above it will expose the short-term peak of 12.5125.

It is worth mentioning that, Aroon-trend indicator- remains positive, indicating potential breakout above April 23 highs.

Of note, the USDZAR pair is a very quick mover; thus, we should decrease the equity used to trade it to the minimum.

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Amir El-Araby Co-Founder & Chief Global Strategist at FxComment.com, with 17 years’ experience in the technical analysis studies for FOREX, Commodities and Indices. Amir El-Araby worked as a mentor for many companies and institutes, where he presented new methods for trading in the financial market. Amir is a member of ESTA (Egyptian Society of Technical Analysts). Amir is also the official partner of Harmonic Trader (Mr Scott Carney) and the official instructor of harmonic trader association for Arab countries.

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