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Today we’re going to take a look at an exotic pair that I don’t trade often, but when I do it typically produces considerable returns.
USDZAR found support today from a trend line that dates back to July of 2011.
USDZAR weekly chart
In addition the pair also managed to break 4 hour channel resistance and close above the key horizontal level at 11.0030.
From here we should look for the recent low at 10.9050 to hold for the pair to have a chance at a rally from current levels. A close below this level would signal weakness and could lead to a reversal or at minimum a larger pullback before a resumption of the uptrend.
Summary: Watch for bullish price action on a retest of 11.0030 level. Key resistance is clearly seen in the 11.3500 area.
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