looking at USDZAR on a daily timeframe we noticed that the bullish market structure has been broken, where the market was creating higher high within the trend channel the market just broken out of the trend channel and retested the support of the trend channel
The R14 mark seems quite optimistic. Just looking at he political and economical environment. But downward trend would be great. Most forecasts are up from central banks to the R18 mark at year end. Hoping your forecast holds 😎
khzacapital
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@Jaaaks also keeping in mind the correlation between this pair and EURUSD as well.
freedom_k
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Interesting analysis. Downtrend playing out? Yes! Going to R14? I doubt. We are probably looking at R16.36 here. But hey, the market has the last word... let's observe
khzacapital
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@freedom_k remember it's a forecast, and we only enter the setup if the market follows our trading plan or system🔥thanks for the review
freedom_k
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Cool. Keep up the good work👍
dgoldiner
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thanks for this @khzacapital ... even if the pair breaks lower from where it is now, why would it not find significant support at around 16.15? As your chart shows that was resistance previously
Bravetotrade
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Congratulations and well done for sharing your first idea with the community. Hope you will be having great experience. Thanks for your contribution. From mod @Bravetotrade