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23.06.202212:45 Forex Analysis & Reviews: Trading plan for USDZAR on June 23, 2022

Relevance up to 06:00 2022-07-21 UTC--4

Exchange Rates 23.06.2022 analysis

Technical outlook:

USDZAR rose above the 16.05 intraday high on Thursday after slipping through the 15.80 lows on Wednesday. The currency pair is seen to be trading close to the 16.00 mark at this point in writing and is expected to stage a rally through 16.80 and 17.50 in the next few trading sessions. Bulls will be poised to hold prices above 15.16 going forward.

USDZAR is producing a Morning Star candlestick pattern on the daily chart. If successful, prices would push towards 16.80 from here. Besides, the probability still remains for a drop through 15.50 before resuming higher through 16.80 and 17.10-50 in the next several trading sessions.

USDZAR has been carving a larger degree corrective rally from the 13.37 lows earlier. The currency remains well supported around 14.40 and bulls are to remain in control until it holds. The currency pair seems to be within its last-leg rally through 17.10 before finding resistance again. Bears are expected to be back in control thereafter.

Trading plan:

Potential rally through $17.10 against 14.40

Good luck!

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.

Oscar Ton,
Analytical expert of InstaForex
© 2007-2022
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