After testing the 50.00% level, the pair started moving back in the opposite direction. This retracement can be measured by connecting the high at 12.55 and the low at 11.80.
The pair are stranded between the upper boundary of the dotted line and the 100—hour at the time of the analysis. Everything being equal, the USD/ZAR pair is likely to retrace south to test the weekly at the 12.00 mark.
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