The USD/ZAR is currently testing the daily mid-band bollinger indicator. This is a low probability area for a bearish reversal to the downside.
The higher probabability play would be a bullish run to the 15.1015 price level which is the 61.8 daily fib level , a very good magnetic level for bullish retracements.
The zone surrounding this price level @ 15.1015, provides a good price zone to start looking for bearish confirmation to enter sell trades , for a downside to the 14.7311 price level another 61.8 fib level for the impulsive wave headed to the projected 15.0000 price level.
If the lower probability play , was to occur and a bearish move started at the 14.88837 price level, the Take profit level for the short position would be 14.6798.
The USD/ZAR being an exotic pair has a very high average daily true range and very "expensive" spreads , so account management is key and lot sizes should be conservative.
The higher probabability play would be a bullish run to the 15.1015 price level which is the 61.8 daily fib level , a very good magnetic level for bullish retracements.
The zone surrounding this price level @ 15.1015, provides a good price zone to start looking for bearish confirmation to enter sell trades , for a downside to the 14.7311 price level another 61.8 fib level for the impulsive wave headed to the projected 15.0000 price level.
If the lower probability play , was to occur and a bearish move started at the 14.88837 price level, the Take profit level for the short position would be 14.6798.
The USD/ZAR being an exotic pair has a very high average daily true range and very "expensive" spreads , so account management is key and lot sizes should be conservative.
Note
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.