USDZAR: Holiday Whipsaw Trading Range Taking No Prisoners
As of this writing, the USD/ZAR is within sight of the 16.00000 juncture, but conditions are choppy as light holiday trading is producing quick changes of value with sporadic spikes.today and tomorrow are simply playing with fire. Risk management is essential within the USD/ZAR. A low of nearly 15.67000 was demonstrated yesterday and on Tuesday the USD/ZAR was touching the 15.50000 ratio.of November, the USD/ZAR was near the 16.36000 juncture.
While the USD/ZAR may appear to be overbought around the 16.00000 juncture, traders can clearly see via technical charts a high of 16.04000 was seen only two weeks ago. However, if a trader decides to be a seller upon higher reversals, while hoping to pursue momentum lower this could prove to be a solid speculative wager.
Quick hitting trades which try to capture nearby support as take profit ratios may prove to be a worthwhile selling position short term. However, traders are urged to monitor their accounts and keep stop loss ratio cautiously close, to avoid sudden spikes higher which could develop if a financial institution places a large buying transaction into the USD/ZAR which moves the market in a hurry.
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