USD/ZAR Are the Bulls Warming Up for a Run?
This tutorial is for demonstration and education purposes. For full study as we go along please join my $19 subscription channel where we day trade based on price action at https://www.celestefrederick.com/subscriberszone/usdzar
Price action trading is like reading a book. As price plays out we take note of what is occurring and can draw conclusions along the way based on price action at key zones in the market.
A few points to note in favor of bull run:
1. The past few weeks have seen more bullish momentum with pullbacks.
2. Price has breached the 200 MA on the daily timeframe. Price could very well attempt to maintain a footing above the 200 MA.
3. We see price is at a key level in the market. See how price likes the zone where we currently are by looking left.
4. Bearish momentum over the past day could very well be a re-test after a break of this key level as demonstrated with my notes. Price could then continue up after the re-test.
5. Keeping fundamentals in mind, with the economic outlook of South Africa and the impact of the Coronavirus in China, the outlook could negatively impact the South African economy. China is a key investor of the South African economy. Economic consequences of the virus spill over to South Africa.
We still can't count the bears totally out.
However, price action tells the story..Will price breach the current zone where it is sitting and pullback? Price action will tell.
My study group is catching pips on this pair daily based on price actions in the market daily. Would love to have you join us!
Please visit my website at https://www.celestefrederick.com/ to see my subscription packages and also other free resources. Please also refer to other trade ideas on USD/ZAR which help support this study. Links to a few are below.
Happy Studying and Trading!
Price action trading is like reading a book. As price plays out we take note of what is occurring and can draw conclusions along the way based on price action at key zones in the market.
A few points to note in favor of bull run:
1. The past few weeks have seen more bullish momentum with pullbacks.
2. Price has breached the 200 MA on the daily timeframe. Price could very well attempt to maintain a footing above the 200 MA.
3. We see price is at a key level in the market. See how price likes the zone where we currently are by looking left.
4. Bearish momentum over the past day could very well be a re-test after a break of this key level as demonstrated with my notes. Price could then continue up after the re-test.
5. Keeping fundamentals in mind, with the economic outlook of South Africa and the impact of the Coronavirus in China, the outlook could negatively impact the South African economy. China is a key investor of the South African economy. Economic consequences of the virus spill over to South Africa.
We still can't count the bears totally out.
However, price action tells the story..Will price breach the current zone where it is sitting and pullback? Price action will tell.
My study group is catching pips on this pair daily based on price actions in the market daily. Would love to have you join us!
Please visit my website at https://www.celestefrederick.com/ to see my subscription packages and also other free resources. Please also refer to other trade ideas on USD/ZAR which help support this study. Links to a few are below.
Happy Studying and Trading!
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