Watching for the candlestick to close and stay above 110.80 for LONG entry. This would signal a reversal is in play when this criteria is met. Any pullback after the 110.80 close is a buy opportunity. Will stay in the trade through 117.00. It is not a buy yet, prudent to wait until we get a close above 100.80 on 4-hr candlestick.
Similar setups are unfolding in...
With dismal GDP recently announced and a possible downgrade coming VERY SOON (rumors), I am long this pair going into the weekend. Stop below 12.50 target 13.40
In mid April, I had posted here about further price decline on the pair and could test the 1.38 level. Now we have seen the price breaking below that level and it is a good time to enter for the upside move. Any downward price movement from here is going to be limited considering the take-profit target at 1.421....
Just a simplified set up of "if statement for the week.
USD/ZAR does not have a solid structure because of its volatility, but if you understand your own domestic market and politics, i think you can be profitable.
USDZAR formed a 4H bearish channel. The price might be rejected by the support below, hence my target. SL: should price exceed last high, the bearish channel would then become invalid.
