Price closed below the symmetrical triangle pattern and is currently going to retest the break. Failure at around the R15.28 zone will signal further strength for the ZAR. Stochastic on the daily has also been overbought and sloping downwards.
The Rand / Dollar exchange rate has consolidated for a couple of sessions below the previous highs seen last in September 2018. Should the rand bears decide to take further profit, two short term levels to watch out for are 15.00 and 14.60. However, should the rand weaken past the 15.46 closing print from Monday the 19th of August, this should put the rand in a...
Although I have my ideas as to what we will see, for the purpose of this study, I will give a neutral idea so it does not constitute a signal. Aside from the uncertainties of the fundamentals (political concerns in South Africa, economic global recession fears, etc.) this turbulent ride should teach us one thing: never presume on the market..No one can predict...
Triangle pattern breakout completed
Level re-tested as support
Buy signal printed by price action
Pinning 21 sma
Buying at market price 15.43022 with
# SL below the pin bar @ 15.36966 and
# TP as per triangle range to target @ 15.81607
1:6 Riskto reward ratio
Don't invest what you can't afford to lose. This is not investment advice. Subjective view/report...
Wait to see this build, it has broken the momentum trendline, and it is gets choppy on the way back down then another push higher is imminent. Even if it hits equal top, you could be looking at 150+ pips which is a solid trade is anyones books. Love these pairs that move solid pips in short spaces, always great to trade if you time then right.
We can see the uptrending channel is workin fine on USD/ZAR. We can play on long right now until the value reaches the resistance and than we can short the usd against south african rand. RSI is the only indicator that does not support the uptrend move. By the time in case of breaking the channel’s support line, we can play short until 15.200 support line
This is my idea the direction ZAR/USD is going to take .
Due the economical situation is ZAR and spring compeing up the economy is going to start up again from the septembar .
Recovering ZAR up 10 % while it is going to hit the resistance of the market , unless we see some surprising events from the White house.
I am still new to this so my apologize if ...
Selling at market price 15.17789 with
# SL above bearish engulfing @ 15.24392 and
# TP lower down at the bottom of the structure @ 14.81479
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