Dmitriy Chernovolov, Technical Analyst who has been actively following the FX markets for the last 11 years. He uses a systematic trend following approach combined with a proven money management system. Dima prefers to combine multiple technical analysis tools (e.g. Fibonacci retracements, trendlines, indicator divergences, Japanese candlesticks, Elliott Waves as well as horizontal support and resistance levels on different time-frame charts) to identify high probability synergetic trade setups with a high reward/risk ratio.

USD/ZAR: buy target - 12.500

  • USD/ZAR broke strong resistance level 12.2050
  • Next buy target - 12.500

By: Dima Chernovolov

USD/ZAR has been rising sharply in the last few days inside the 3rd intermediate impulse wave (3), which started recently – when the pair reversed up from the strong support zone lying between the support levels 11.8000 and 11.900 (former resistance level and the buy target that was set in our previous forecast for this currency pair, acting as support now after it was broken in February). The active impulse wave (3) yesterday broke above the strong resistance level 12.2050 (which reversed the previous waves B and 1).

USD/ZAR is likely to rise further toward the next buy target at the resistance level 12.500 (which reversed the previous intermediate impulse wave (1) in March).

Scroll to top