You can see if we put both the DXY and USD/ZAR next to each other how well they correlate at the moment. Both charts have retraced respectively giving a strong narrative that if the DXY respects the trend and moves higher, that USD/ZAR will follow suite. The South African economy has taken a huge knock this week due to extended Covid restrictions but more...
Possible bounce off of support or a retracement before a continuation. Either way I see the Rand weakening against the Dollar due to the current state of the nation. Target 1: 15.00000 ; Target 2: 15.60000
In for a long position after price bounced off of the 79% level (discount price). Should see price rally higher if it's able to break through 1.19771. If it breaks above this level then I expect price will fill the low resistance liquidity void.
Bias is bullish today looking at the DXY and Feds projected outlook on the market. Jobs creation consensus is forecasted at 700k vs. 559k for the previous NFP news. Today is a very risky news event to be trading but if traded correctly the returns can be highly favorable. Please be careful trading today.
Busy testing a new strategy. Will look for price to fill the previous liquidity void at which point price will be at a premium price for a short position.
*This strategy is not my own and is one that I've learnt through Michael J. Huddleston of ICT*
FOMC yesterday causing a lot of bearish momentum. As you can see previous lower highs have been taken out indicating a downtrend. Price currently sitting on a support level. If price breaks support then I have 2 targets set.