USDZAR Short trading opportunity(swing-trading) 4
Updated
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.
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