Home Technical Analysis USDZAR: Upside target done, don’t sell!

USDZAR: Upside target done, don’t sell!

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Resuming our technical analysis series for the USDZAR, we see how the pair has soared, maintaining levels beyond previous detected technical objective at 12.5127 as seen on the provided daily chart.

usdzar-05-06-2015-fxcomment

As explained earlier, the completion point of the harmonic structure resides in the above-mentioned zones; however, we prefer to stay aside although the pattern is bearish after completion, as we have satisfied ourselves with the big profits we made in this long setup.

The strength of the uptrend appearing on Aroon indicator is another reason that prevents us from selling the pair based on the harmonic formation.

Finally, we will update the movements of the USDZAR next week.

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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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