Long term buy on USDZAR

30 באוג׳ 2022

As you can see the USDZAR has been in a bear market since around April 2020 but has created bullish market structure for the majority of the year since March 2021. This has led to price giving us a descending trendline pattern which looks like it is about to be broken as the dollar seems to be getting stronger very aggressively. Furthermore, we are in our third wave of the Elliot Wave pattern which means we are about to complete our longest wave. Thus, on the completion of this wave we should see price break out and rally towards the 19.18673 level. The 17.26271 level needs to be held as support in order for this trade to be valid.