We see an ascending wedge on the 4-hour chart. Also, find it at a strong resistant area. We will short this pair at the opening of the markets at UTC +2 and hold till support area 1.67704. It will give us 300+ pips.
With the National election that is over. ZAR could continue to strengthen against the US Dollar or weaken. It finds itself at a very important support area (14.14000) which is confirmed both with a bullish trendline and also confirmed by the 38.2% Fib levels. If this breaks ZAR could find support around 14.11000 which is the 50% Fib level. For now, we remain...
We have missed this entry. We waiting for it to retrace and we will enter short at 111.96. With the right bullish evidence at 109.00 we could enjoy a short ride up. My biggest concerns are that the dollar index (DXY) is still a bit bullish but we believe it will weaken over the next few days or even weeks.
We see a nice wedge forming. Is it possible to that the existing bullish trend line will break? If the bullish trendline breaks we will see a nice reversal or breakout and it will be great for your account. Currently at a strong resistant area. Dollar showing weakness.