Blake Morrow’s Chart of The Day – Forecast USD ZAR
Forecast USD ZAR
The USDZAR is consolidating above the 200dma and a break below it would see wedge support at the 14.8800 level which is the 50% retracement of the June 2021 lows to the November 2021 highs. A break of the 50% retracement and 200dma would allow for a move back towards the 14.5000 then 14.0100 levels. The RSI is coiling and looking for a breakout to help confirm direction too.
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