Zar
Fundamental Quant Score: +33
- Retail sales grew to 1.2% showing consumer confidence in South Africa
- PPI breached forecsats by 0.1% which is healthy for producers
- Interest rate decisions had no signs of dovish action so investor money flow should continue flowing into South Africa
- Trade balance showing a huge surplus
Technical Analysis
- Daily Sell...
EURZAR short intraday/swing trade setup
Sell 15.73300
SL 15.84046
TP 15.60558 80% and trail the balance
Descending triangle broken to the down side, enter short on the retrace to .2360.5 fib zone
ZAR had a strong rally supported by fundamental news. I expect to see some profit taking, and change in positioning.
Technical:
- 20 EMA was broken on 2h with a backtest
- 38.2 Fib retracement is a clear T/P zone
Pure technical play. Shorting ZAR has heavy cost, thus expecting to see a swift bounce and then again ZAR to strenghten, especially as euro faces eco slowdown and brexit headwinds.
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