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Usdzarshort

Potential Short-Term Short for USDZAR?I believe we are still trading within the bounds of the daily pennant that formed over the last several weeks. Visible on the chart is the 4H descending Channel I have drawn in as well as the 1H descending channel I have drawn in both of which are currently respected, both falling in line with the daily pennant formation. The purple and orange arrows denote the movements I believe are possible given my technical analysis. Should the red countertrend line I have drawn in be broken correctly I will potentially take a short term short position on the 1H. Beware taking a long term short, given the rate cut that could be coming this week bullish movement is possible should it not already be priced in as yet.
Short
by Papache
Potential Short-Term Long/Short for USDZAR Cont.I have denoted the two movements I believe are probable given the technical analysis I have done with two different coloured sets of arrows. In both scenarios I believe there may be a test of the upper bound of the 4H channel prior to the movement taking place. The purple arrows denote the movement I believe will take place if the 4H channel is re-entered and the bottom bound of the 1H channel is broken, which I believe may lead to a bearish price movement to the lower bound of 4H channel before a bullish price movement takes place. The green arrows denote the movement I believe will take place if the 4H channel remains broken after the test, after which I believe the 1H channel I have drawn in will continue to be respected to the 4H resistance zone before making a bearish price movement. I'm trading the USDZAR strictly on the H1 given the unpredictable nature of its longer term movements. Let me know if you agree/disagree.
by Papache
Potential Short-Term Long/Short for USDZARI have denoted the two movements I believe are probable given the technical analysis I have done with two different coloured sets of arrows. The purple arrows denote the movement I believe will take place if the H4 trendline I have drawn in is not correctly broken, in that case I believe price will move to the lower bound of H4 channel before making a bullish price movement. The yellow arrows denote the movement I believe will take place if the H4 trendline is correctly broken, after which I believe the H1 channel I have drawn in will continue to be respected to the upper bound of the H4 channel before making a bearish price movement. Both of these expected outcomes fall in line with the USDZAR's short term bearish trend. I'm trading the USDZAR strictly on the H1 given the unpredictable nature of its longer term movements. Let me know if you agree/disagree.
by Papache
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