USDZAR is trading around the 1D MA50 on neutral technicals (RSI = 45.374, MACD = -0.003, ADX = 21.007) but on a long term Channel Up for the past 2 years. This current consolidation has been the accumulation period in the two bullish legs prior before the final rally to a Higher High. This is our buy entry and we aim at the top of the Channel (TP = 21.000).
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The best time to analyze the market is when its closed. After a analyzing the weekly chart of USDZAR, I think this market could continue its overall trend to the upside. The market is currently under the 14MA, meaning this market is selling.
Lets compare last week engulfed sell candle compared to this week. WHERE IS THE SELLING MOMENTUM? It does not make any...
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.
*Disclaimer*
This is not financial advice. Forex trading is a risky business. Trade at your own risk.
#Trade_Like_A_Magnate
The days of gloom lie ahead for the South African economy.
Very optimistic for a South African citizen right....? NAH!
Let me begin with a disclaimer: firstly I am a proud South African citizen and secondly I'm a Market Technician by profession. My job as a Technical Analyst is to study financial instruments or charts using time tested principles to deduce an...
Pattern: Cup formation on 1W.
Signal: Bullish as the pattern is about to break aggressively towards its Top.
Target: 15.4000 (the formation's Resistance).
