After creating a demand area, we clearly see that the market has come back for a retest on that area, which means we need to start looking for longing opportunities. It is also very important to note that following the COT Data, Big institutions are closing their longs and opening shorts on the ZAR. If on the lower time frame we are going to see a shift from a bearish movement to a bullish movement, then we are going to take the trade with a very good reward to the upside.
Hi, do you still see ZAR heading to 18? If so by when?
Big_Player
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@nagarajan1612819, first i suggest that you follow the rules of your strategies, and if they are satisfied then you take the trade. It is very important to react to what the market is doing, in order words if we see in that area a continues bearish movement on lower time Frames, then there is a possibility that it might melt and break the level. But on the contrary, if the is a shift from a bearish to a bullish movement for example on the H4, then yes it will hit the 18..
what ever the situation maybe i will provide an update
Ltd
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Hi BP, another factor in support of a sell on USD ZAR is the opening of the SA economy. An announcement is due shortly, of a shift to Stage 2 lockdown and the sale of alcohol and cigarettes. This will stimulate trade and strengthen the ZAR. Lets see how this develops
Owenkosi
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@Ltd, It's not about the country shifting to level 2 or the sale of none ordinary commodities...it's about the big institutions and what they think of ZAR.