USDZAR Short trading opportunity(swing-trading) 4
I expect a swing of about 100cents-150cents all the way down to R16.00+- per dollar, expecting the ZAR to weaken in the short term within a month to a few month to 16.00+-.
If the USA Federal Reserve stops hiking rates, and starts to slowly apply rate cuts then it could signal that the dollar might weaken a bit for the ZAR to strengthen against it, even considering domestic issues.
I am risking money on this with a 1:1 leverage, but its more like I am moving money back to my local bank account (paying for studies/courses) than me using it in a short position.
There is also a nice double top forming.
If the USA Federal Reserve stops hiking rates, and starts to slowly apply rate cuts then it could signal that the dollar might weaken a bit for the ZAR to strengthen against it, even considering domestic issues.
I am risking money on this with a 1:1 leverage, but its more like I am moving money back to my local bank account (paying for studies/courses) than me using it in a short position.
There is also a nice double top forming.
Trade active:
me stop loss was hit, just joking, I have no stop loss here, my FOREX trade is merely a total conversion of all my money to ZAR and so far it is holding.
I however think we might not hit 16 ZAR to one USA dollar anymore, but rather at best 16.5 ZAR for one USA dollar.
I however think we might not hit 16 ZAR to one USA dollar anymore, but rather at best 16.5 ZAR for one USA dollar.