USD/ZAR had impulsive bullish movement at the end of last week, followed by a recent correction, which landed at a key level of 61.8% fib level before the next impulsive move. Price action is resembling a bullish pennant, which if played out, would land at at the next key level as noted. Trade at your own risk. Long term I anticipate price to run back to $15 to $16.
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Price rejected key level at 14.43; bears are on guard. Must watch how price continues to respond to key levels. News also on Wednesday will impact this pair.
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Price could very well go like this
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Anticipation of news reaction impacted sentiment in the market. Budget concerns, credit ratings.