The down trend is turning into a more neutral basing pattern. Bullish divergence and broader USD strength support this idea. Keep an eye out on the resistance area around 11.9045. Clearing this level triggers a recovery towards minimally 12.4515 and the pivots around 12.4810. With stops below 11.71 this setup gives a friendly risk/reward ratio of 2.81.
Primary trend: neutral/negative
Outlook: consolidation in down trend, recovery likely
Strategy: trading-buy > 11.9045
Support: 11.71 / 11.5390
Resistance: 11.9045 / 12.4515* / 12.4810+
Outlook cancelled/neutralized below 11.71
USDZAR
Primary trend: neutral/negative
Outlook: consolidation in down trend, recovery likely
Strategy: trading-buy > 11.9045
Support: 11.71 / 11.5390
Resistance: 11.9045 / 12.4515* / 12.4810+
Outlook cancelled/neutralized below 11.71
USDZAR