ZARGBP trade ideas
Perfect ascending triangle on South African rand6 perfect hit points on both support and resistance for this ascending triangle.
I will buy a break to the upside, with profit targets based on previous structure support. I define a break here as a close above the resistance (although this does change slightly from chart to chart, depending on a number of factors).
Zoom out to view more profit targets from structure (0.0471 and 0.0474).
Possible moves on GBPZAR (cypher and bat patterns)Quite a late entry into a daily bat pattern, which we could gain a few pips on nonetheless. Even if it does stop out we still have a potential movement into a large cypher pattern which could provide a large number of pips.
GBPZAR potential for a big rallyFalling wedge with 5 hit points, approaching a 6th and final one for a strong breakout.
Excellent previous structure support (indicated by the horizontal black line) asking for a rebound into the upside. I think that this falling wedge will accentuate the rebound off the support line.
Major bullish divergence on the RSI occurring in the oversold region.
Profit targets are indicated by the horizontal green lines.
