- 14.00 is a significant technical level - post Brexit, Emerging Markets are relatively more attractive destinations opening the way for /ZAR weakness into 13.00, 12.50 and 12.30
With this is mind;
Buy 14.20 and 14.05 TP1 - 15.40 TP2 - 15.75
In reversal look to enter 2x short below 13.70. Targets 13.00 and 12.30 in extension
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/ZAR at 13.88 (hellz bellz). The existing trade can break even on reversal
For those looking for shorts; i noticed this 5 wave after posting this setup
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/ZAR made a 13.77 fractal low and trades higher. Expecting resistance into 14.20.
On the lookout for the level of the next low which should be a higher low.
Trade closed manually
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Setup breaks even on reversal at 13.27
Looking forward potential for 13.00 remains. Expecting 13.60 while 13.20 holds.