In this video, the Trader Guy looks at the USD/ZAR pair for the April 7th session.
USD/ZAR — Initially, the market rallied towards the 19.57 level, but then fell back to give back some of the gains. The market looks very overbought at the moment. You can expect a pullback, which could result in filling this gap above the 17.50 level. If the market fails to find support at this level, then it could find below at the 50-day EMA, and the 50% Fib retracement level, which comes at the 16.50 level. After this parabolic move, you can expect the market to fall a bit.
© Prabhu for Forex Videos, 2020. |
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