The USD/ZAR price action over the past few months allows analysts at Rabobank to use the 2011-2016 rally as a yardstick to obtain higher targets with a relatively high degree of confidence. Key quotes “If we use the 2011-2016 rally as a yardstick, USD/ZAR has already exceeded the Fibonacci 61.8% extension and is on track to revisit the 76.4% extension at 19.4868. Before the 100% extension at 21.9515 comes into focus, USD/ZAR would have to clear the psychological level of 20 first.” “The only issue we have with the bullish view on USD/ZAR is the rapid pace of recent gains that resulted in a parabolic move higher. The higher USD/ZAR trades in the coming days, the bigger the risk of a sudden correction.” “We would prefer to witness a proper corrective short-term pullback in the very near-term before USD/ZAR pushes higher. We have to admit, however, that waiting for such a correction could be a pointless exercise, so strong is the bullish momentum at this stage.” FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street FXStreet News share Read Next EUR/USD Price Analysis: Attention shifts to 2020 low at 1.0635 FX Street 2 years The USD/ZAR price action over the past few months allows analysts at Rabobank to use the 2011-2016 rally as a yardstick to obtain higher targets with a relatively high degree of confidence. Key quotes “If we use the 2011-2016 rally as a yardstick, USD/ZAR has already exceeded the Fibonacci 61.8% extension and is on track to revisit the 76.4% extension at 19.4868. Before the 100% extension at 21.9515 comes into focus, USD/ZAR would have to clear the psychological level of 20 first.” “The only issue we have with the bullish view on USD/ZAR is the rapid pace of recent gains… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.
