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...
FX:USDZAR I have been waiting to see how price will react to the 14.00 level. Now a candle has pinned the level signalling the bears. Entered a short at market price @13.93618 with: *Stop loss above the wick where I feel this setup would become invalidated @ 14.10325 *Take profit placed at the support of the swing low to the left @ 13.65440 Don't bet the...
It might still be too early to "call the shorts", but this pair is pretty amazing. Besides being so scary sometimes, it can also be very predictable and has a lot of liquidity at most. The price is currently forming a triangle pattern and the best way to trade this is to wait for a breakout. I am calling a break to the downside because the price already broke the...
I have been looking at this trend and here is my take on what the Rand will most likely do in the next couple of days.
sell stop idea for usd/zar .downside move to the lower end of the wedge .
USDZAR is approaching our first resistance at 6.8172 (horizontal pullback resistance, 50%, 61.8% Fibonacci retracement, 100% Fibonacci extension) where a strong drop might occur below this level pushing price down to our major support at 6.600 (horizontal swing low support, 100% Fibonacci extension). Stochastic (34,5,3) is also approaching our resistance and we...
USDZAR is approaching our first support at 13.60 (100% Fibonacci extension, 50%, 78.6% Fibonacci retracement, Horizontal pullback support, Descending channel support) where a strong bounce might occur above this level pushing price up to our major resistance at 13.97 (61.8% Fibonacci extension, 38.2% Fibonacci retracement, Horizontal overlap resistance)....
Price for USD/ZAR is forming a possible descending wedge. I am looking for price to pull back to the trend line, following recent bearish price action last week. The first take profit area has 3 different points of confluences, using Fibonacci at various swing points. The second take profit target is also a possibility. Price action would need to be observed to...
USDZAR is approaching our first resistance at 6.8172 (horizontal pullback resistance, 50%, 61.8% Fibonacci retracement, 100% Fibonacci extension) where a strong drop might occur below this level pushing price down to our major support at 6.6009 (horizontal swing low support, 100% Fibonacci extension). Stochastic (34,5,3) is also approaching resistance and we...
Still holding this view since last week, good time to sell now.
USDZAR is approaching our first support at 6.6135 (horizontal swing low support, 61.8%, 100% Fibonacci extension) where a strong bounce might occur pushing price up to our major resistance at 6.7134 (horizontal swing high resistance, 61.8% Fibonacci extension, 23.6%, 50% Fibonacci retracement). Stochastic (34,5,3) is also approaching support and seeing a bullish...
FX:USDZAR 1. Lower highs formed 2. Resistance holding 3. Consolidation at resistance (bulls out of steam?) 4. 200ema broken 5. Targets from 14.11 to the 13.90's SL 14.63030 TP1 13.90285 TP2 13.60857 TP3 13.37187 Entered at market price 14.33650
This is my view on USDZAR. Not my favorite pair but right now there is good opportunity, also need chart pattern conformation.
FX:USDZAR 1. Lower highs formed 2. Resistance holding 3. Consolidation at resistance (bulls out of steam?) 4. Targets from 14.11 to the 13.90's Looking to short when the time is right, more details to follow...
FX:USDZAR Ah, I have been watching this pair for a couple of days and it looks like we may just have a possible short setting up. * Price is currently in a down trend in the bigger picture * Hanging man (hammer at resistance) candle completed (sell signal) * Bearish candle currently printing (needs to close bearish for confirmation of sell signal) Should...
I have interpreted what the different timeframes are telling me and I can surely say the way I translated it with the use of the arrows, is how price will play out before dropping like a rain drop. Follow the arrows to make some serious profit. Its me Rayan, the 18 year old trader from South Africa, signing out.