Get started
Khiwe

USDZAR: ABC Pattern Indicates Bullish Setup

Long
U.S. Dollar / South African Rand (FX:USDZAR)  
Khiwe Updated   
FX:USDZAR   U.S. Dollar / South African Rand
Trend Analysis Support and Resistance Supply and Demand
3
2
trendanalysis supportandresistance supplyanddemand

Hi there,

There's an ABC pattern forming in the USDZAR H1 time frame. AB appears to be a correction in a bullish trend that continues in higher time frames when viewed over a stochastic indicator.

Therefore, BC is expected to continue the bullish XA wave, reaching an approximate price area of 19.31196, with 19.08984 as the first price target when applying a Fibonacci retracement tool.

If the price falls below the recent low of 18.46243, then this setup will be invalid.

Happy Trading
K.
Comment:
snapshot

The price could go higher for the bullish momentum in the weekly time frame.
Trade closed: target reached
Disclaimer

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.