Previously we were interested in shorting USDZAR. The take profit was hit on the USDZAR Short (2.78%) and now we will wait for another opportunity to present itself. USDZAR is rapidly approaching a supportive trendline, presenting a opportunity to go long at the trendline. However, traders should also be aware that USDZAR is also following along a resistive trendline, meaning that USDZAR could break below the supportive trendline and continue heading down.
Once price is at the supportive trendline, we will monitor it and wait for a good opportunity to present itself. We will only open a position if price action gives us a valid entry.
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