USD/ZAR 1D Chart: Double Top

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
USD/ZAR has just broken through the neck-line of the double top (September low), meaning there is likely to be a strong sell-off during the next few weeks. The first major target is the monthly S2 and a strong support level that proved its topicality in summer. The subsequent objective should be 12.35, where the monthly S3 joins forces with the monthly S3. Because of the strength of this demand area, here the currency pair is expected to bottom out. However, the height of the pattern (difference between Sep low and high) suggest a deeper decline, and additional supports are at 12.0550 (June low) and at 11.6984 (April low). In the meantime, the SWFX sentiment is distinctly bearish: 72% of open positions are short.
© Dukascopy Bank SA
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