End of the uptrend on USDZAR with possible SHS, i'm shorting it :)
Price hits a falling trendline resistance and might continue the prevailing trend if this resistance holds.
4H Chart Explanation: - Price broke the Ascending Trendline and made a Pullback to it. - Now, it is on a correction. - If price breaks the correction, potential to move down towards the Support Zones. Weekly Vision: Daily Vision: Updates coming soon!
We took a little intra-day buy on USDZAR based on the details in the chart. The Risk/Reward is decent and we are just looking to ride the trend here to the upside. We will lock in gains after a 0.3% rise in price.
USDZAR formed head & shoulders pattern Price rejected from 61.8% Fibonacci of preceding wave at level 14.9555 and confirmed by bearish engulfing candle Below moving average 100 MACD shows weakness in bullish momentum RSI reached overbought region It's expected for coming strong bearish wave to test key level at 14.2780
LOOKING FOR SELL SETUPS PLEASE FOLLOW ME FOR LOWER TIME FRAME SETUPS
4H Chart Explanation: - Price broke the Ascending Trendline and made a Pullback to it. - Now, it is on a correction. - If price breaks the correction, potential to move down towards the Support Zones. Weekly Vision: Daily Vision:
The 240 min chart has a potential RC and should this be the case we would be headed for a quick move to R14.88 - R15.19. I would look to buy this chart on a pullback to R14.34 with a stop under R14.24, giving one a 54/10 bet based on the min target level at R14.88 or but on the 240 min close over R14.50 with a stop under R14.45 and this will give one a 44/10 bet...
USDZAR rejected from downtrendline and key level 14.5313 Pair is based below HVN at level 14.7587 which indicates power of bears Price reached overbought region on RSI MACD shows negative momentum It's expected for coming bearish wave to test the demand zone near level 13.8640
USDZAR bullish correction wave occurred and rejected by broken major uptrendline False breakout resistance level @ 14.3705 RSI shows negative divergence Price broke uptrend on RSI It's expected for coming strong bearish movement targeting the key level @ 13.8840
Trade Background: Like most of the USD pair, price has moved to test final support level after FOMC last week on Wednesday. Now that price is stabilizing, look for a potential bullish reversal. Trade Idea: Entry: 14.3000 - 14.5000 Stop loss: 14.2500
Price has broken out of the descending trendline / downtrend along with structure. Price has now pulled back to make a HL & retest broken resistance as new support now, where I will be watching for a reversal back to the upside to resume the uptrend & make a new Higher high next.
I'd like to see price break local support and continue to break below and reach support.
USD showing strength Downtrend entry 14.85 tp 14.55
USDZAR lining up for the all-time HIGH level of R16 to the Dollar. With the recent healthy price pullback from 15.40 we are seeing the formation of the Higher High / Lower Low Formation in play. I recommend holding Long Term on Buy Stop Pending Order for the protection of capital and reasonable risk ratio application. ENJOY!
Possible in the we can see head and shoulders pattern on USD/ZAR. What do you think about it ?