USD/ZAR Don't give up on the Bulls..Yet

This idea is strictly for study purposes and does not constitute a signal. As we study this pair, please refer to my recent post about a short bear run (linked below) Price had bullish movement after hitting a key level of support. (highlighted in red). Price could be retracing to the 50% or 61.8% key fib level before continuing on to further highs. We need to see a lot of bearish momentum, below this key level of support before we can consider lower prices in the market. We also see a possible teacup forming, which if we take the depth of the cup to the lip, about 650 pips, we could see a breakout with the same amount of pips gained as the depth of the cup another 650 pips. To note also, price on a higher timeframe is being contained in an ascending channel, at which we are at the lower point of the channel, with room for more bullish movemnt. Also of note is the daily averages, the 50 and 200 MA. Price may very well stay above these moving averages. The bearish activity we see now could be more of a retracement. We are at a very crucial point in the economy right now with the elections on May 8, 2019. The outcome of the elections will play a key part in how the rand fares in the near future. It will be interesting to see how we fare after the elections. Watch and trade with caution.

Trade active:

Nice bullish impulse! The impulse is what we look for. You can wait for a retest if you like as a sign of continuation. If you enter be sure to protect your profits.

Comment:

We caught a 200 pip bull run. Looking for a pulback to the trandline as demonstrated, possibly before we continue our trend upward. Trade at your own risk. There are no guarantees

Comment:

We did not get the pullback..watch for the bounce/retrace or break to higher highs

Comment:

Price hit a key level and retraced. Always watch price action. If you took this idea you should be profitable. The entire idea is way to far out to presume, hence it is an idea. With trading we have to look at the market swing by swing.

Trade closed manually:

Target was reached on the lip of the cup. I hope you protected profits. Lets not presume on the market for the long term. We will look at this again after studying price action. As for now, I hope that you are capitalizing on the sell at least to the trendline as noted above.