There is a buying opportunity seen in the currency pair, the pair has closed above the trend line.The breakout is from the rising wedge; Rising wedge breakout on the downside has a good successful ratio compared to breakout on the upside, but if the rising wedge is made at lower level and the breakout is upside then the failure rate is comparatively less.

We are expecting a Golden Cross in the pair in coming days, accumulating the currency pair at this level would be advised by our end.

The MACD has also shown a breakout which is supporting the price trend.  The DMI+ is above the DMI- which suggests upside direction and the ADX above the DMI- is showing strength in the move.

USD/ZAR

KUNAL KAMBLE

Nov 19 2021