mrsceleste
Long

USD/ZAR STUDY FOR POTENTIAL LONG

FX:USDZAR   U.S. Dollar / South African Rand
For Study purposes only. If you enter this trade you do so at your own risk. Considering technicals as noted, watching for a pullback to the trendline and continuation up. I do not believe the rand is ready for the big drop just yet. We have what appears to be a descending wedge forming, which would allow us to see a push up, even if short term. 200 pips minimum possible to TP1
Trade closed: target reached
Simple and clean setup, keep it up mate :)
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Perfect, GBP & USD has been going down the drain fundamentally last week. However, both sides seems to be having a count-offer fundamentally.. We should be seeing a "bullish" momentum for pound & usd? Its going to be such a fun week! :)
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Nice analysis. What's your view on opening gap in USDZAR and USDMXN considering recent trade war escalation on Friday?
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@abhi85, thank you. We shall see. It will be an interesting week. I was reading where Trump had second thoughts about the China tariff over the weekend. But even still global markets are very volatile
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abhi85 mrsceleste
@mrsceleste, Indeed going to be an interesting one. On Trump's second thought, WH later clarifies that he meant tariffs on China should be higher.
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@abhi85, well then would definitely negatively impact the Rand especially with China’s investment in South Africa. Doesn’t look good for global markets. Thanks for the additional insight
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abhi85 mrsceleste
@mrsceleste, At the same time some positive news are coming from G7 meeting. As per Reuters, US and Japan sealed a big deal and Trump has said the congress is going to vote on Mexico deal very soon. Let's see if these positive news soothes market sentiment.
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@abhi85, that’s interesting. Thank you. Short term I see this for pesos and then a drop eventually. Long term I think we will see price above 20 before at least one additional push down
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abhi85 mrsceleste
@mrsceleste, Thank you.
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