Key Resistance: 15.08 – 15.20
The Rand has been crashing hard against the USD for the past week. This is really not a USD driven move since we have seen non directional trading for a couple of weeks on the USD. This is a ZAR driven rally on the USDZAR (ZAR depreciation).
Yesterday we banked over 100 pips on a USDZAR rally and today we are again long in this market on a breakout of a massive level.
The 14.90 level was Sept. 20th highs and after price broke higher this level was the base buyers were protecting. The bullish structure here is very strong and a flat triangle printed during the APAC session gave us the setup to buy into strength again.
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