USD Trading Outlook (09-11-2015)

Medium Term Strategy: Forex Pair of the day

USD/ZAR – the upside prevails

The pair has rebounded above the strong horizontal support at 12.95 and remains on the upside. Moreover, the daily RSI has reversed up above its oversold area and remains well directed. Further advance 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.