munyaelliott

USD/ZAR SELL 4Hour Timeframe

Short
FX:USDZAR   U.S. Dollar / South African Rand
the USD/ZAR currency pair is currently going up in adescending channel and could possibly bounce off the channel's resistance and go into a sell-off. The RSI indicator is relatively overbought, so that could be a good indication of prices going south. Personally i am going to wait for at least a cadle close below the descending channel resistance before i consider placing a sell trade. Remember that a breakout could also happen as we have a bullish impulse wave before the formation of the descending channel on the higher timeframes. However, with the way the prices are slowing down, i am led to believe that the bears are ready to mate. Remember to always wait for price action though and don't try to be a wizard. Let the market chart and compass itself.

Happy trading

Disclaimer

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.