Technical outlook:
USDZAR slipped through 15.85 intraday on Tuesday after posting a rally through the 16.10 highs on Monday. The currency pair might drag further to the 15.50-65 zone, which is potential intraday support. It is seen to be trading close to 15.92 at this point in writing and is expected to push through 17.10 going forward.
USDZAR has carved a larger degree downswing between 19.33 and 13.37 (not seen complete on the displayed chart). It is carving a similar degree counter-trend rally since the 13.37 lows registered in June 2021. The corrective phase seems to have completed its first and second waves around 16.36 and 14.40.
USDZAR has been unfolding its final wave since the 14.40 mark and is expected to reach close to 17.10 in the next several trading sessions. Furthermore, price action seems to be within the final subwave with potential interim support at around 15.16. If the above structure holds well, prices would rally straight through 17.10 with 15.16 intact.
Trading plan:
Potential rally through 17.10 against 14.40
Good luck!
