$S - Rebound from its lowest levels during the day

The exponential moving average crossover shows early bullish momentum

The South African Rand against the US Dollar has strongly rebounded from its low at 0.3004, now surpassing the short-term exponential moving averages (7) and (25) on the hourly chart. The price is currently testing the level of 0.3118, with the potential to rise if it breaks the exponential moving average (99) at 0.3186.

If momentum continues, it is likely to push towards resistance areas 0.3211 and 0.3333.

Trading Setup:

• Entry Point: 0.3110 - 0.3120

• Stop Loss: 0.3060

• Take Profit:

• First Profit Target: 0.3211

• Second Profit Target: 0.3333

Market Outlook:

The short-term trend is experiencing a reversal with increasing bullish momentum.

Watch for confirmation above the level of 0.3186 to confirm the continuation of the breakout. $S

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