USDZAR is breaking above the falling trend line
USDZAR is breaking above the 16.75 falling trend line resistance. The pair has bounced off the strong support 16.30 and has continued higher to break above the falling trend line and moving averages16.80. For downside reversal and higher probability short trade entries, we need to see a break below 16.30. USDZAR reached previously 19.40 in a swing upside from 14. The overall long-term is an uptrend and a confirmed break above 17 will lead to an extended continuation upside and a test of 18.4.
Note – We are inclined to long trade entries with a stop loss below 16.70
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