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TRADE SETUP ALERT 13/07/2021

USDZAR Setup

The 3 month inverted head and shoulders bottom is looking more promising by the day. Yesterday’s close above the Daily 100 SMA is a strong bullish indicator. The next major level of resistance is between 14.50 to 14.53 with a daily close above setting up a high probability trade opportunity towards 15.00 and eventually 15.50. If however price get rejected and break back below the Daily 100 SMA @ ~14.30 a move back to the 10-year diagonal support @ 14.00 can be expected as this is also the current monthly pivot level.