USDZAR Chart 1

USDZAR - Intermediate Term Bullish

USDZAR - INTERMEDIATE TERM BULLISH by DanV on TradingView.com

21 December 2012

Updates and comments

I don't trade these exotic, though might consider small position on major sell signal when it mature. However, in the intermediate term, I am bullish.

The current formation looks like a rising wedge called Leading Diagonal, which if correct should find prices head back the upper end of the pattern around 9.20 area. Dollar could make partial retracement to the upside against most pairs as could be seen from Dollar Index chart. So this pair could bounce with it, hence could be quite profitable. However, my real interest would lie in Major short around 9.20. At this level, it would complete this potential rising wedge and could offer opportunity for sell with target back towards 6.60 or lower in line with my view that longer term Dollar Index will be making new historical low in the next 12 months or so. Check out my Dollar Index Chart for explanation.

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