USD/ZAR upside to R21.72 after a resistance breakout

2023年8月16日

Rev C&H has formed on the USD/ZAR.
If we get a slight retracement back it could be forming a Right shoulder to an Inv H&S.
Regardless, this looks bearish for the ZAR and bullish for the USD.
Other indicators are showing upside to come for the greenback.
7>21>200
RSI>50
Target 1 will be R21.72. Ouch for the rand.

The government and load shedding is really messing with the economy of this beautiful country of opportunities and diversification.