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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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.
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.