USD/ZAR Short Position - Bullish on ZAR
We had a successful class on Saturday with our FREE Speed Trading Course
During the analysis section in the course, we noticed a beautiful cup and handle formation which formed, completed and the market rallied. Upon further analysis, we plotted our Support and Resistance levels and observed how the USD/ZAR pair is currently consolidating (possibly due to political instability within SA/SOE disasters, as well as the uncertainty with the US / China trade war).
We can see how the price touched Resistance prior to and during the trade war fiasco and we see a possibly exhaustion of the consolidation as we see the MACD as crossed below the signal line where the previous price formation was rapid
We are therefore short and are expecting a break to R15.1002 in the short-term and a recovery of the ZAR to below R15 a dollar, and possibly even back to just under R12!
During the analysis section in the course, we noticed a beautiful cup and handle formation which formed, completed and the market rallied. Upon further analysis, we plotted our Support and Resistance levels and observed how the USD/ZAR pair is currently consolidating (possibly due to political instability within SA/SOE disasters, as well as the uncertainty with the US / China trade war).
We can see how the price touched Resistance prior to and during the trade war fiasco and we see a possibly exhaustion of the consolidation as we see the MACD as crossed below the signal line where the previous price formation was rapid
We are therefore short and are expecting a break to R15.1002 in the short-term and a recovery of the ZAR to below R15 a dollar, and possibly even back to just under R12!
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