I really love this pair because its very specific in the way it moves if you have spent enough time with it. I kept this analysis simple because I don't see any major bullish opportunities because our analysis of the dollar is not strengthening anytime soon.
But this is the market keep your eyes neutral and stick to your plan!
Currently price action is trading low and we can verify we are approaching the sell zone. currently 23.6
price will target Previous low 78.6
5.5% Bear action
Using pattern we can verify its a M pattern and target is certain
slow but steady its gonna be a swing trade
hoping the Powell news drive it lower in favor.
Bag safely...its a blessed week ahead.
Price confirmed a short entry a couple of sessions ago when it reversed from my blue box. We also have a possible Gartley pattern unfolding. I'm targeting the 13.5000 area because I'm looking at wave X to be a regular flat. This is also the point at which I expect to see some reversal to send us back up to the 15.0000 area.
This trade idea is for demonstration and educational purposes only. It does not constitute a signal. Study price action and use confluences to confirm before entering. USD/ZAR has pretty strong area of resistance overhead; price could be due for a pullback to the key zone as noted; moving average possibly serving as dynamic resistance. We see bearish push down...
Looking too potentially short the USD/ZAR at the 14,98 / 15.07 level, given the resistance zone holds and there is a bearish entry signal on the 6h chart. Potential take profit levels are 14,76050; 14,64230 and 14,61000. A well placed stop-loss level should provide a risk:reward ratio of above 1:2. The trade also offers a positive carry benefit.
welcome to another free signal!
How to trade: Wait for the break below the Demand-Zone before you sell.
Target 1: 14,89865
Target 2: 14,63025
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Peace and good...