GBPZAR trade ideas
GBPZARCorona virus socializing restrictions have me over analyzing which is bad for trading mentality...last one tonight, just a thought.
GBPZAR pullback :) I’ve been waiting to jump on this Long, as ZAR pairs have the biggest price movements. This means big profit potential. This 15min chart analyzes the current pullback about to take place. As long as we stay inside this BLUE triangle I have drawn, we’ll see GBPZAR fall back to test the original breakout. The area is marked as a high volume zone, as the volume bars show the most shares traded in quite some time.
This setup could take a day or to reach the area & signal confirmations to enter long...I’ll update this trade if it continues to move higher without a pullback. If it does, I’ll be cautious to enter, as huge Weekly resistance is just up ahead at the 21.93000 area. If you entered the trade now, you’ll most likely be good to be in profit by next week or so. Expect dips in profits until then.
GBPZARWaiting for the 5th point and the wait for conformation, and buy at that price aiming for 21.0000 and above.
GBPZARThis is for educational purpose regarding the trend analysis and chart pattern of GBPZAR. The overall direction is bullish but I believe it will have to current it's self and fill the voids.
GBPZARGBPZAR sell possition becouse GBPZAR now Stand Strong level 61.8% Fibonacci level if its break this level is an opportunity to buy else sell position
GBPZARSTILL TRADING ABOVE THE TREND LINE, BUT STRUGGLES TO BREAK THE STRONG RESISTANCE, THEREFORE IF THE RESISTANCE WINS, WE WILL EXPECT A BREAK OF A TRENDLINE
GBPZAR Research Note: GBPZAR Technical Analysis
A review of the weekly chart of the British Pound versus the South African Rand sees key resistance levels being breached. Firstly the R19.31 overhead resistance that has held since June 2016 is being taken out while strong price action is currently being seen as R19.77 is being targeted by the bulls. A breach of these level open up R20.55, R21.74 and R23.09. It should also be noted that the price is starting shift away (to the upside) from the 200-week moving – this is also a key development. On the downside, a break below R17.06 changes the long term trajectory from bullish to bearish (i.e. weaker Pound, stronger Rand). For now though the long term trajectory is bullish (i.e. Strong Pound, weaker Rand).
SHOOTING THE STARSAFTER THIS BULLISH SHOOTING STAR
IF THE SECOND CANDLE CLOSE AS BULLISH CANDLE
BUY OPPOTUNITY
