As the lira continues to deteriorate, we are seeing fresh highs in price of this pair that have not been seen since October 2018. The pair is overbought and is due for a retracement. I'm watching for a break of the trendline and a retest before selling. If price pulls back to 50% fib level we have confluence with trendline. Also, the makings of a possible teacup. This idea will give us a possible 300 pip move. Trade at your own risk. This idea is for educational and demonstration purposes only.
Note
Pair is not ready for big sell, sell activity was retracement; pull to the lower end of the channel. Given also continued negative sentiment in the market concerning the lira and the US China tariff situation, I expect to see more deterioration of the rand; to at least the 61.8% fib level as noted below Note
We had retracement as noted. Watching for a bounce off the trendline to the upside, or a break to the downside as demonstrated below. Please note this pair is extremely volatile still..Trade active
wick exhaustion for bulls in the marketNote
bearish pennant formation..see above
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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.