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 – 12.200

By: Dima Chernovolov

  • USD/ZAR reversed from support level 11.800
  • Next buy target – 12.200

USD/ZAR yesterday reversed up from the support level 11.800, which is the lower boundary of the strong support zone lying between the support levels 11.800 and 11.90. This support zone reversed the previous waves (A), ② and 2 in the last 2 months, as you can see from the daily USD/ZAR chart below. The latest upward reversal from this support zone created the daily Japanese candlesticks reversal pattern Bullish Engulfing – thereby completing the previous intermediate correction (2).

USD/ZAR is likely to rise further inside the next intermediate impulse wave (3) toward the next buy target 12.200 (strong resistance level which reversed previous waves (B), 3 and (1)).

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