Macro Currency Strength
GBP = 21(+7)
ZAR = -24 (-24)
COT Report Lev Funds
GBP = Long (slightly dec)
ZAR = NA
GDP Differentials = -1.2% (2022 forecast)
IR % Differentials = -3.4%
Weekly Price Trend = Long
Overall, based on fundamental strength, price trend, and COT a Long on GBPZAR looks favourable.
BUT as interest rates, and GDP growth rates showing...
This has just retraced to offer another buying opportunity before this continues to recover back to the all time highs and beyond. For the best entry use 4HR timeframe with MACD and 10/20 EMA and look for signs that the retrace is complete.
This has nicely bounced off the support level I previously reported on. Now looking for this to rise past the most recent highs on its way back to 23 levels. Good entry points will be any retrace from its current position or if it breaks the most recent highs on the 11th and 12th Jan then can enter a trade on the retrace to test that as a support.
The correction in GBP/ZAR has completed, it has rebounded from the monthly support area indicated. I think there will be a slight retrace coming before continuing to grow back to the all time highs and beyond.
Placing a long trade here for the day, will close before 22:00 BST today to avoid slippage on the weekend.
NFP results are today so trying to stay clear of USD
Not many technicals really line up on the 1HR for a long or short, however, the candles indicate uncertainty and the price history indicated it may long within the support/resistance.
4HR indicate the...
Looks like the price may be reversing after a sell-off
Stochastic oscillator is suggesting the market is oversold
MACD & signal line crossing to indicating a price reversal
Histogram on MACD is showing buying volume coming into the market
Price is currently sat a support line
4hour chart indicated the same as the above
Be patient, and keep eyes on this indicator. IF (and only if) price comes to selling zone, then it is also at an important resistance level , it seems in a good short setup. Remember that price action is important to conform reversal ( double top , shooting star , evening star ....), and watch the RSI divergence carefully.
If the pattern is violated, then setup is...
Be patient, and keep eyes on this pair. IF price comes to selling zone, then it is also at an important resistance level , it seems in a good short setup. Remember that price action is important to conform reversal ( double top , shooting star , evening star ....)
GBPZAR has this upwards trend line on the 1H and 4H. it also has a level at the top where price has tested many times and failed to break above.It only seems logical that from this point of touching the trend line that price will test those highs once again. A nice R:R, with a strong chance, that those highs will be tested again
Pound strengthening, breaking the 0.382% retrace. An hour left in the monthly candle but it's finishing strong which usually indicates a continuation into the next month. Target 0.500%.
(...just in time for booking a driving and safari holiday!)