U.S. Dollar / South African Rand USDZAR

Price has reached the weekly trendline to bounce down in a bearish direction

i see this pair going down here is my analysis

usdzar

Having reviewed the global picture of USDZAR, the beginning of wave 5 is drawn. This correlates with other USD pairs. Moreover, wave 4 has a similar structure to wave 2. They're roughly equal. Wave 4 did not break wave 1.

Price currently in a zone of strong past sellers activity showing footprint of supply imbalance. At same time we approached and tested old broken daily trend line. ENTRY: Market SL: 13.6000

The pair is in a downward trend trapped in a bearish channel, the price is heading to the channel's maximum area, the indicators do not show turn, it is most likely that the pair will head back to the 12.43 area, and from In this area we will see what the pair will do if it goes back to zone 11.50, or on the contrary there are signs of a change in trend. Most ...

Looks like the pair may be having other ideas on the weekly chart.

With overview of the daily and weekly chart , the USDZAR Pair is in a channel respectful movement, so we are using fibs to determine the important levels. be catious with this pair. TP, SL and EP are clearly stated on the chart. Remember, been keen to always move the SL to Breakeven when the trade is +50 pips in your favour. Patience is Vital.

USDZAR_D1

usdzar 2 possible movements

USDZAR is in global uptrend. But no instrument moves in straight lines. What we have witnessed was 50 % retracement and now its forming a clear fry pan bottom (also called Bump and run reversal bottom in Bulkowski's encyclopedia of Chart patterns) reversal pattern, right above 50 % global trend fibonacci level. Pring´s KST confirms the reversal.

Does seems like this could be wave 1 of a bullish pattern and we should see a retrace that ends below 12.18 before it continues up. Alternatively - 30% Probability - this is part of a corrective wave and it will head for lower lows.

note's on chart

USDZAR possible drop after touching the high of the week, I expect the reversal of this move to be in Thursday

USDZAR SELL SETUP

Short. Already in play on my end, but the real confirmation is close below 100 SMA on 4HR chart or below weekly pivot for the cautious.

Possible pullback is buyable

The Zar is nicely heading towards the supply, wait for a retrace then look for a buy opportunity. pip love family.