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USDZAR – Double Top Pattern Underway
The South African Rand lost around 27% against the US dollar, skyrocketing from a low of 15.20 to an all-time high of 19.34. USDZAR is currently appreciating again, following a minor bearish correction. The weekly chart above illustrates the correction to the bottom channel trendline and a potential upside target to the channel trendline top. In case prices receive a rejection at the trendline top, we can expect the ascending (red) trendline to be the next support. The price carries prospects of reaching the trendline top and forming a double top pattern, which we can see more clearly in the 4-hour chart below. ... (full story)