USD/ZAR neutral position. Price could go either way. We must observe how price respond to trend line and key levels as noted. We can bounce or break. If the rand deteriorates and South Africa's credit rating is downgraded we can expect a break and bull rally. For now I suggest no position. Sometimes the best position is no trade at all.
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We see price has broken the trend line and is flirting around the 50% fib level on the largest swing high to swing low. The unemployment figures for South Africa were not positive. The rand is affected by budget and credit rating concerns. Deterioration of the rand will cause this pair to rally. We also have a strong dollar at this time, which is contributing to the recent bull run of this pair..
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Possible Scenario
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This pair looks like it is looking to reverse and make a bull run. Trading idea to be posted this weekend.