Here price action is showing a higher low and creating an Inverse Head & Shoulder pattern. The down trendline is plotted on the H4 timeframe and still indicates a downtrend. However, we can see that there is enough room for the iH&S pattern target projection to be reached. The up trendline connecting the head and right shoulder creates a triangle pattern so I will...
The pair has moved higher more than wished for. GOLD has retreated further, and for that reason pair was affected.
I have not changed my view, as we are still in a continuation down trend channel, and we have resistance @ 18.6700 and support 18.4900 now (rounded). the stochastic is negative slightly.
Strategy SELL @ 18.5500-18.6150 and place SL above 18.6900....
The pair go little higher, and 18.4500 is possible. However, the pattern looks like a continuation pattern, and this suggest we should move back 18.1000 over time.
For now SELL @ 18.4300-18.4500 and place SL above 18.5200 and profit order @ 18.1350.
The pair is starting to show signs of recovery, but we have GANN resistance at 18.3800.
Establishing above mid-DC will attract 18.5250 test again, and I feel it is possible.
Strategy BUY @ 18.2850-18.3500 and place SL @ 18.1550 for now. Profit order @ 18.4850.
ZAR depreciated from 5,60 to 1 USD to 18,36 to 1 USD in 17 years. The trend is clear. You're fighting a losing battle investing in local ZAR priced shares only.
In Q2 of 2023 we saw an impulsive bearish move. Presently we have completed a bullish correction that has shifted orderflow from bullish to bearish. We have a break of key structure on the daily time frame. Presently we are awaiting a minor bullish correction targeting the FOB then resume the bearish orderflow.
The down move in this pair is about to end. I'm looking for possible buy setups. I expect an upmove at least to be similar to the previous one Trade with care!
The pair has been a bit oversold, but stochastic supports a bit more weakness. For that reason we should pick a lower level to buy,
Strategy BUY @ 18.1350-18.1750 and place SL below 18.0500. Profit order I suggest near 18.3850.
This is my bearish trend idea. However wait for a fall back to a key level after trend continue to downtrend momentum, because overall structure breakout and continue to downtrend. You can see it high time frame momentum. Good luck
This is my bearish trend idea. However wait for a fall back to a key level after trend continue to downtrend momentum, because overall structure breakout and continue to downtrend. You can see it high time frame momentum. Good luck
