USDZAR Key Zone Study - With Video Analysis - Read Within
We had a great time this past Friday studying USD/ZAR and key zones/levels pertaining to this pair.. To Watch the replay of ForexNChill visit the YouTube video at https://www.youtube.com/watch?v=eQKgYt4vx1w&fbclid=IwAR2vWj8QxvowJBsgrysC2MBlCGc1fwytWzheHYZJwo5M7GGq_FrrL_DJvbM&app=desktop
This idea is being posted as an educational post, following the study from the ForexNChill, where I share how I study this pair. A few things to note as we study:
1. Note price has rejected key levels in the market with a few failed attempts to rally to higher prices.
2. Price has fallen beneath the 200 MA on the daily timeframe; given so, we are open for further movement to the downside as a possibility.
3. The short term 9 EMA and 50 EMAs have crossed to the downside. This could mean that we will see lower prices.
5. The 50 EMA has crossed beneath the 200 MA which could signal a death cross, with further movement to the downside.
Given this, my inclination is that we have a bit more room to the downside to go; we could see a pullback or a retracement before seeing a continuation of price further down. HOWEVER, It is also not out of the question that we will see a strong bounce around key levels as noted and movement towards the upside. Watching price action at the key zones as noted is key to analysis. There are a few possible scenarios that could happen. Hence the various directions noted. However, again, my overall inclination is that unless we see a notable reversal or strong bullish momentum building, I think we have more room to the downside to go.
For now, study, watch and observe price action around these key levels. As price approaches these levels study candlestick analysis. Time will tell and the market will tell us in time what it wants to do. Never presume on the market, but allow price action to show you along the way.
To see the study on this pair and how to use market structure and price action to study this pair visit https://www.youtube.com/watch?v=eQKgYt4vx1w&fbclid=IwAR2vWj8QxvowJBsgrysC2MBlCGc1fwytWzheHYZJwo5M7GGq_FrrL_DJvbM&app=desktop
To receive personal mentorship or join the educational platform to which I belong visit www.celestefrederick.com
Visit the Contact Me page on my website and type in FREE RESOURCES to get free resources to help you learn how to study price action.
Always use proper risk management and use your confluences before entering.
This idea is being posted as an educational post, following the study from the ForexNChill, where I share how I study this pair. A few things to note as we study:
1. Note price has rejected key levels in the market with a few failed attempts to rally to higher prices.
2. Price has fallen beneath the 200 MA on the daily timeframe; given so, we are open for further movement to the downside as a possibility.
3. The short term 9 EMA and 50 EMAs have crossed to the downside. This could mean that we will see lower prices.
5. The 50 EMA has crossed beneath the 200 MA which could signal a death cross, with further movement to the downside.
Given this, my inclination is that we have a bit more room to the downside to go; we could see a pullback or a retracement before seeing a continuation of price further down. HOWEVER, It is also not out of the question that we will see a strong bounce around key levels as noted and movement towards the upside. Watching price action at the key zones as noted is key to analysis. There are a few possible scenarios that could happen. Hence the various directions noted. However, again, my overall inclination is that unless we see a notable reversal or strong bullish momentum building, I think we have more room to the downside to go.
For now, study, watch and observe price action around these key levels. As price approaches these levels study candlestick analysis. Time will tell and the market will tell us in time what it wants to do. Never presume on the market, but allow price action to show you along the way.
To see the study on this pair and how to use market structure and price action to study this pair visit https://www.youtube.com/watch?v=eQKgYt4vx1w&fbclid=IwAR2vWj8QxvowJBsgrysC2MBlCGc1fwytWzheHYZJwo5M7GGq_FrrL_DJvbM&app=desktop
To receive personal mentorship or join the educational platform to which I belong visit www.celestefrederick.com
Visit the Contact Me page on my website and type in FREE RESOURCES to get free resources to help you learn how to study price action.
Always use proper risk management and use your confluences before entering.
Comment:
Price broke through key support and could very well be re-testing this support to become resistance for another subsequent drop. Please continue to study how price respects this zone.