Price for USD/ZAR is forming a possible descending wedge. I am looking for price to pull back to the trend line, following recent bearish price action last week. The first take profit area has 3 different points of confluences, using Fibonacci at various swing points. The second take profit target is also a possibility. Price action would need to be observed to confirmed after the first take profit. Fundamentals of the DXY and Rand are also favorable for this outlook in the short term. After each take profit scenario I anticipate a bullish reversal in the market to take us to previous highs. This trade is for educational and demonstration purposes. Trade at your own risk, and please use proper risk management.
Trade active:
TP 1 Reached!
Trade closed: target reached
Trade closed: target reached