USDZAR 16.94610 - 0.29% SHORT IDEA MULTIPLE TIMEFRAMES
Updated
Good Day Everyone
Here's a look at the USDZAR pair from a multi-time-frame view
MONTHLY
* Starting with the monthly time-frame we see the pair respecting the Fibonacci retracement structure, we saw a rejection just below the 50 % fibonacci level pushed up to 38.2 % fibonacci level now we are having a strong bearish move on the pair looking for continuation of the move to the downside targeting thhat 50% fibonnacci level ( 16.62489) so from the monthly perspective the sentiment is bearish for me.
WEEKLY
* Coming to the weekly the sentiment is still the same we trading between 38.2 % & 50 % Fibonacci retracemnt levels on a bearish momentum the pair is in a descending channel which just retested the roof of the structure and was rejected pushing down and the channel holding thus far so the sentiment still bearish on the pair..
DAILY
* Moving down to the daily chart the pair is still trading in that descending channel we also see a pennant formation which might signal continuation to the downside. looking at bearish opportunities on the pair for continuation of the move targeting resistance level 16.30190
Good luck and happy trading everyone
_________________________________________________________________________________________________________________________
ENTRY & SL - FOLLOW YOUR RULES
RISK-MANAGEMENT
PERIOD - SWING TRADE
TARGET 1 - 16.6115
TARGET 2 - 16.30190
__________________________________________________________________________________________________________________________
If you like the idea kindly leave a like and a follow will definitely follow back and leave your idea & Comment on the pair in the comment section. APPRECIATE IT
Here's a look at the USDZAR pair from a multi-time-frame view
MONTHLY
* Starting with the monthly time-frame we see the pair respecting the Fibonacci retracement structure, we saw a rejection just below the 50 % fibonacci level pushed up to 38.2 % fibonacci level now we are having a strong bearish move on the pair looking for continuation of the move to the downside targeting thhat 50% fibonnacci level ( 16.62489) so from the monthly perspective the sentiment is bearish for me.
WEEKLY
* Coming to the weekly the sentiment is still the same we trading between 38.2 % & 50 % Fibonacci retracemnt levels on a bearish momentum the pair is in a descending channel which just retested the roof of the structure and was rejected pushing down and the channel holding thus far so the sentiment still bearish on the pair..
DAILY
* Moving down to the daily chart the pair is still trading in that descending channel we also see a pennant formation which might signal continuation to the downside. looking at bearish opportunities on the pair for continuation of the move targeting resistance level 16.30190
Good luck and happy trading everyone
_________________________________________________________________________________________________________________________
ENTRY & SL - FOLLOW YOUR RULES
RISK-MANAGEMENT
PERIOD - SWING TRADE
TARGET 1 - 16.6115
TARGET 2 - 16.30190
__________________________________________________________________________________________________________________________
If you like the idea kindly leave a like and a follow will definitely follow back and leave your idea & Comment on the pair in the comment section. APPRECIATE IT
Note
ON THE MONTHLY
Note
ON THE WEEKLY
Trade active
Trade closed: stop reached
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