With gold looking bullish on the daily and broken past the previous resistance alongside the risk of a second wave of coronavirus in the USA. Investors/traders will be looking at the safe haven of gold to see through the storm. USDZAR having a strong correlation against gold should continue the sell off of USDZAR.
Worth noting that Coronavirus has spiked in SA...
USDZAR SHORT
SHORTING FROM 15.08
TP 1 1000PIPS
TP 2 5600PIPS
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We can see marked out on the chart a strong area or support and resistance, we are expecting price to make its way into this zone and when it does we will be looking for a buy... Patients is key in trading and if you don't have any the markets will pull your pants down and shove a rather large hard object somewhere that might hurt.
In this game if you rush into...
We are going short on this trade ( if you hadn't gathered that by the title ) after a bounce of a well respected resistance level in the weekly, daily and 4H timeframes.
NFP is today so whatever you trade the trade carefully and reduce risks by moving SL into profit where possible.
After a previous entry ive entered USDZAR again
The Fibo on the side which highlights the 30% level highlights when i should move my SL to BE being a swing trader i can hold trades for up to a month. so I've formulated a new strategy to move my SL to BE when a trade has moved 30% of the PIPs for TP
You can see we have a well respected trend line and a strong resistance level, currently price is nearly at these so we can only see price movement to the downside.
Again look how clean and and clear we keep our charts... remember simplicity is key... F#ck all the so called GURUS telling you that you have to use 200 indicators and follow there holy grail strategy...
As we can see there is a strong resistance line on the 4h chart ( pointed out by our purple arrows ) and we also have 2 very strong trendlines formed ( pointed out with red arrows is where price has respected these )
All analysis is pointing south of the border with bears well in control, we are expecting price to continue respecting this resistance level and...
13.46895 is a key resistance level that will be respected, and with the 2 added trendlines ( purple arrows are where price has previously touched and respected these lines ) we can see no other direction other than down with this pairing, so we are in a sell position at the moment but we have a tight SL just above our resistance level just incase resistance is...
