lets talk chat patterns, this is an ending diagonal in Elliott wave language, and it is also known as rising wedge. always expect price to drop after a complete ending diagonal. for a low risk trade, you can wait for breakout.
usdzar showing alot of weakness ,price looks oversold, bullish momentum is very low.anytime we should see price dropping after completing wave b. our wave c should impulse .Patience and proper risk management.
Hello traders, this is the full breakdown of this pair. We will take this trade if all the conditions are satisfied as discussed in the analysis. Smash the like button if you find value in this analysis and drop a comment if you have any questions or let me know which pair to cover in my next analysis.
The South African Current Account for the second quarter is predicted at ZAR305.1B, and to the Current Account Percentage of GDP at 4.90%. Forex traders can compare this to the South African Current Account for the first quarter, reported at ZAR267.3B, and the Current Account Percentage of GDP at 5.00%.
South African Manufacturing Production for July is predicted...
Currently on a short position but looking for a long position @ 12.70 this will take sometime to manifest but worth
the wait as there's money selling to the awaited level.
Have a great trading week & all the best on everything!!!
This last week saw considerable depreciation in the ZAR against the dollar, surrendering around 3.34% (taken at 18:00 CAT, Friday). A noticeable move was witnessed on Thursday which continued into Friday but later that day retraced off the intra-day high above 15.38.
This coming week could see a retracement towards the 15.00 psychological level but much...
The main view of this trade idea is on the 15-Min . The FX Cross USDZAR has been trading in a rectangular pattern between the 14.33145 and 14.44046 range over the last couple of days, providing an opportunity for a breakout in the FX Cross. Expectations are for USDZAR to break below the rectangular chart pattern to head towards 14.21 zone.
South African Rand strengthens over a weak dollar after a week of looting, the Government, especially the eThekwini municipality announced that there will be a financial aid plan for affected businesses and more.
Looking to make another sniper entry here.... then scale in.
This is not financial advice. Forex trading is a risky business. Trade at your own risk. Patience and risk management are always key
As anticipated last week, USDZAR did go for a trendline retest, gave us a rejection, we made an entry and held. This is the progress now. Profits have been locked in order to have a risk-free trade.
This is not financial advice. Forex trading is a risky business. Trade at your own risk.