Get started
SteynTrade

USDZAR: Wyckoff Distribution: Rand is strengthening

Short
U.S. Dollar / South African Rand (OANDA:USDZAR)  
SteynTrade Updated   
OANDA:USDZAR   U.S. Dollar / South African Rand
Support and Resistance Supply and Demand Volume jse USDZAR wyckoff distribution
3
0
supportandresistance supplyanddemand volumestudies jse usdzar wyckoff distribution
USDZAR seems to be going through a typical Wyckoff distribution after an uptrend. A Buying Climax (BC) occurred on high volume and a throw over of the overbought line. We see low volumes on advances and higher volumes on declines. Volumes at the top of the range has been high but decreasing on subsequent tests of the highs. A Upthrust after Distribution (UTAD) has occurred and a lower volume Last point of Supply (LPSY). Divergence with the OBV is also seen. Using a Point and Figure count (see below comment) a target between 12.3 and 13.6 can be set.
Comment:
Comment:
The Rand has found resistance at the 50Day SMA. With supply drying up as seen in the volume and Volume RSI. We could bee looking for a break of the distribution trading range.
snapshot

Related Ideas

SteynTrade
JSE:FSR First Rand New Re-accumulation Range
SteynTrade
JSE:RMH RMB Holdings Re-accumulation range
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.