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TRADE SETUP ALERT 08/07/2021

USDZAR Long Idea

Over the past 3 months, the USDZAR has formed a classical inverted head and shoulders bottom with the current neckline at the Daily 100 SMA . If the price breaks above this level the targets would be 15.00 followed by 15.50. If however it fails to break the neckline and breaks below support @ 14.25 a move back to the 10-year diagonal support @ 14.00 can be expected as this is also the current monthly pivot level.

Silver Long Idea

Silver has now successfully tested diagonal support of the symmetrical triangle formation and based on typical breakout patterns the final test should occur around two thirds to the apex, which it has. The expected move is now back towards the upper diagonal which coincides with the current monthly pivot @ 27.91. Form here a breakout will see a new bullish trend and cycle emerging. It is worth noting that any break above the monthly pivot @ 26.70 will see this level become support and a possible level for a future pullback (pending a breakout). Support is currently provided by the lower diagonal @ 25.80 with a break lower initially targeting support @ 24.93

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