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VladimirRibakov
May 16, 2016 8:07 PM

USDZAR short term sell idea. Short

U.S. Dollar/South African RandFXCM

Description

The Daily chart shows a bullish convergence. We now need at least a double wave retrace before price wil complete the second part of this double wave cycle.

Price reached 100% FE of the last cycle upwards exactly on a strong Daily resistance level and potential divergence. As long as this resistance holds look for sells aiming 50% FR of the last cycle.

Sell the breakout of the yellow TL targeting 14.8.
SL 2 pips + spread above last high.
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