In this video, the Trader Guy looks at the USD/ZAR pair for the May 21st session.
USD/ZAR — The Monday session did not see much in the way of action. The market is trading in the middle of a symmetric triangle. So, you can expect a lot of back and forth movement at the moment. A break above this triangle, then 14.75 is the target. A break below the bottom of the candlestick from Monday session and below this uptrend line, then 14 is the target to the downside. This currency pair is influenced by global growth concerns. If the market experiences a risk-on sentiment, then this pair will move lower, as investments will flow into emerging economies and away from greenback. Any risk-off move, this market will move to the upside.