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USDZAR TECHS: Clears Key Resistance

EMERGING MARKETS
USDZAR has continued to appreciate today and the pair has cleared two important resistance levels; 16.3237, the May 16 high plus a major resistance at 16.3668, the Nov 26 2021 high.
  • The break of the latter confirms a resumption of a broader uptrend that started in June 2021.
  • This sets the scene for an extension higher and has opened the 16.50 handle next while further out, there is scope for a climb towards 16.7361, the 1.00 projection of the recent Jun 9 - 13 - 15 price swing.
  • Key trend support has been defined at 15.7179, the Jun 15 low. Initial firm 15.8887, the 20-day EMA.
  • Resistance levels to watch are:
    • RES 1: 16.5000 Short-term pivot resistance
    • RES 2: 16.7361 1.00 projection of the Jun 9 - 13 - 15 price swing
    • RES 3: 16.9764 1.236 projection of the Jun 9 - 13 - 15 price swing

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