The USD/ZAR pair was in a corrective phase after reaching 16.364 level. It has dropped as much as 15.734 level today where it has found support and now it tries to come back higher. Fundamentally, the USD received a helping hand from the US ADP Non-Farm Employment Change which was reported at 534K above 525K expected.
In addition, the ISM Manufacturing PMI increased from 60.8 to 61.1 points. Despite its failure to reach 61.3 points as expected, the indicator announced further expansion, this was good for the USD. Also, Powell’s hawkish remarks could boost the greenback.
USD/ZAR Technical Analysis!
USD/ZAR failed to stabilize under the 38.2% retracement level and below the weekly S1. Technically, it has registered a false breakdown with great separation below 15.757 level signaling that the bulls could take the lead again.
As I’ve told you in my live webinar (Live Trading Session) earlier today, USD/ZAR could develop an important upwards movement if it stays above the 38.2% retracement level and if it makes a new higher high, to close above 15.922.
Conclusion!
Its failure to reach the 15.732 daily S1 and the false breakdown with great separation below 15.757 former low signaled that we may have a bullish momentum.
Note: Learn2.Trade is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results.
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