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USD Trading Outlook (09-10-2015)

USD/ZAR – pulling back
The pair has broken above its previous top and is currently posting a pull back but remains supported by the rising 50-days moving average. Moreover, the daily RSI is approaching its support. A rebound is therefore expected with a first target set at 14.15 (September top). A break above this threshold would open the way to further bounce towards targets given by a Fibonacci projection at 14.80 and at 15.20 in extension. Only a break below the strong support at 12.95 would turn the outlook to bearish with a first alternative target set at the previous overlap at 12.60 and a second one set at the horizontal support at 12.30.
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