traded higher yesterday after hitting support at 83.35, a zone that acted as a key support in the past as well, between Apr. Overall, the pair continues to print higher highs and higher lows above the upside support line drawn from the low of May 12, and thus, we will consider the short-term picture to be positive. 28, at around 85.40, which could carry larger extensions, perhaps towards the 86.60 territory, marked by the inside swing lows of Apr. Both indicators detect strong upside speed and support the notion of further advances in this exchange rate. This could also confirm the break below the aforementioned upside line and allow declines towards the low of May 24, at around 81.30.

Source: The North Africa Journal June 01, 2022 11:49 UTC