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U.S. Dollar / South African Rand

Large Correction For More Upside

582
USDZAR is currently forming a larger correction that I initially anticipated. This means that the correction that I had looked at before as being a 3 wave correction, was actually only wave 1 of the larger correction. Looking at the current setup, I expect price to break the low of wave one, market with the red line, before there is a reversal to the upside. I will be looking to enter the long when a reversal confirms but may look for smaller trades to the downside in the interim as well.

Happy trading!
Linton White
JP Markets
South Africa
Linton_White
Also on:
Chart PatternscorrectioncorrectivestructuredollarRANDTrend AnalysisUSDUSDZARWave AnalysiswavetheoryZAR

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Chart PatternscorrectioncorrectivestructuredollarRANDTrend AnalysisUSDUSDZARWave AnalysiswavetheoryZAR
Linton_White
Also on:

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.