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31.07.2023 05:50 PM
The USD/ZAR pair ended its minor retreat and now it has turned to the upside again. It's located at 17.799 at the time of writing. You knew from my previous analysis that jumping above the downtrend line may announce an upside reversal.
Still, technically, after its strong minor growth, the price came back to test and retest the broken downtrend line which represents a downside obstacle. Retesting the broken downtrend line confirmed the breakout and now it could hit the 17.896 former high which represents an upside obstacle.
Jumping and stabilizing above 17.896 should announce a larger growth and is seen as a buying opportunity.
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*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
