Technical outlook:
USDZAR is attempting to break above 16.00 registered as the high in the Asian session on Wednesday. The currency pair slipped through 15.80 on Tuesday before finding interim support. Please note that near-term support is seen in the 15.50-60 zone as bulls prepare to push higher through the 17.10 zone in the next few trading sessions.
USDZAR is unfolding a larger-degree corrective rally since printing the 13.37 lows as discussed earlier. The currency pair has already completed the first and second waves within the counter-trend rally from 16.35 to 14.40. The structure continues to remain bullish until prices stay above 14.40 going forward.
USDZAR is probably into its third wave rally towards the 17.10-50 area against the 14.40 lows. Immediate interim support is seen through 15.16, while potential resistance is seen around 16.30 respectively. A push through 16.30 will accelerate further towards 16.80 and 17.50 as projected on the daily chart here.
Trading plan:
Potential rally through 17.50 against 15.00
Good luck!
