FX:USDZAR   U.S. Dollar / South African Rand
150 3 1
Last week I posted a long trade idea on this pair at the price of 12.15. The price beautifully pushed up to break above the wave 3 resistance level to confirm further continuation of the uptrend. and Now i'm up +300 pips. Prices have been rejected three times at the 11.69 resistance which confirms why we are biased towards the bullish side. Prices are also trading above the 200 day moving average, which is a signal for an uptrend continuation. I will add further positions to target the fifth wave at the 13.000 round number. The trend filter is in green. So lets wait and see what happens.
Update: I already closed out my position before the FOMC decision yesterday on -20 pips loss. I don't usually trade big news like FOMC or NFP. Since the Fed did not raise interest rates as expected, the dollar found some selling pressure which wasn't too strong either. The selling pressure sent the pair downward to test the 4h 200 moving average which currently acts as a support. Now, we are still bullish on this pair, however it might see a long consolidation phase of up and down movements. and I would only stay aside and watch. We need to see a break and close above the green resistance line to jump into long positions. Check out my AUDNZD analysis and how it made +400 pips.
I like your demostration of the Elliot and support level at 11.69. I will be watching to see what happens next.
+1 Reply
Thank you drot. Unfortunately FOMC news hurt my analysis slightly, but I closed my position before the announcement. I'm still bullish on this trade.
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