Dollar index has yet to clear the 20DMA but once it has this one should resume it's upward trend with commodities still not able to recover.
Open 3 positions or more for the two main targets with additional positions for a continuation. Move stops to protect positions once price has cleared them.
Good Luck!
USD/ZAR has formed a reverse Cup & Handle pattern that if validated could see the pair move 6.65% to the downside in the short term. A break and consecutive 2hr closes below 11.74 validates the pattern and the pair could target 10.94 in a measured move. Momentum is wallowing in the "oversold" region and since price closed on Friday near the 11.74 support leaves...
Well, just as the previous post on this pair, we may have another buying opportunity setting itself up!
I will be looking for long entries within the area of the .50 (11.8770) & .618 (11.7583) Fib Retracements, with stops slightly below the .618 Retracement. Targets will be the Fib Extensions (-.27 and the -.618).
Happy Trading =)
Well what we have here is another beautiful rendition of trading based off of structure levels and trend following. Hmmm, I wrote down some notes on the chart to explain some of the technical attributes of the pair. I will be looking for a long opportunity on P/A reaching confluence of the lower boundary of the channel and the .50 Fibonacci level. With stops set...
The weekly chart is still in an uptrend, and I emphasized before in a chart how the bearish divergences are buying opportunities
The daily chart shows an inverted H&S, a false breakout below the support from the right shoulder, green impulse, and bullish candlesticks. Considering the chart stands at value on the weekly chart, this is a very good moment to get...
USD/ZAR has been up trending for the last two years with the precision of a Swiss watch. The current bullish channel is still in play and the pair is about to test the lower bound of it after two failed attempt to break above the 11.3388 resistance line. Here are the reasons why rebound is soon due:
Fundamental background:
The Dollar is still supported by the...
Another divergence study, this time on USDZAR. Divergences on the weekly chart calls only for corrections. On the daily, there have been some reversals, some more profitable than others.
The triggers for this study were bullish/bearish candle, blue impulse. No other factors taken into consideration.
There were 26 triggers, 16 were profitable, 2 signaled for...
The longer term chart is the main reason for taking this trade.
On the daily chart price rejected the support zone at 10.8, and the impulse is green. This is enough for me to take a trade.
Some profit taking should be done at 11.38, but price usually gets attracted by the all time high, so I expect this to go and at test 11.84. Considering the dollar strength,...
USDZAR is reaching all time high, we are not too far away from historical highs.
This make me believe that we are at the end of the road and a strong inversion would take place.
USDZAR pays positive swap, make it a nice carry trade opportunity.
This is a very long term trade, but if it works, well, it will be pretty massive opportunity!
Three months ago a posted this idea
that suggested a low was just around the corner.
This turned out to be right.
We are now in the process of completing wave X in a complex correction
or wave (A) in a flat.
This market should trade a bit higher into the 11.10-25 area
before dropping.
A break above 11.55 (wave C=A*1.618) would invalided this idea.
Follow all...
Long term view of this pair. Sell on a retracement to 10.6222 targeting 9.72390.
Short conviction is that the breakout from the upper channel crossed below its 50% mark. So assuming that the retracement to this 50% level will hold, it should pave way for further downside moves.
A complex and mature 3 waves decline is coming to an end.
The market closed todays candle as an inverted hammer.
This count is vaild above 9.70.
Follow all my demo FX trades at www.myfxbook.com
and follow me on twitter for intra-day updates twitter.com
Good luck!
UPDATE:
I shared this count last night via twitter
but was to tired to post an idea here.
twitter.com
The market has completed 3 waves to the downside,
where the first wave was a complex triple correction,
the second a zigzag as well as the third.
As 10.35, and more importantly 10.20, holds,
I will expect new highs well above 11.40.
You can follow all my...
Been very constructive with 2012 p/a. local adjustments (data, c/a, cb minutes) and relief rally from oversold, moving into Sell in May and go away events that lasts until fall, it matches up with a lot of other analogs across different asset classes from currencies, equities and commodities.. Plus => sentiment... people get really bearish way too early.. still,...
