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USDZAR analysis with the rand to strengthen to R15.90?Right off the bat, I normally get short analyses wrong with USD/ZAR. But the system is the system, so I have to keep to the rules. Since the trade hit my first target at R18.90, it's been forming an Inverse Cup and Handle. Now the price has broken below, which means the USD is likely to weaken from here. The indicators however are conflicted. 7>21 (about to cross) Price >200 - But the price could also drop below it entering a downtrend RSI<50 Target 1 for this analysis is an absurd R15.90. Let's see how this plays out. For argument sake, I hope it's right this time. Paying 27 US Dollars for 2 Prime cans was not the best investment of my life. And I know, I got ripped off!
Short
by Timonrosso
CAD/CHF strong upside to come to 0.7303 - But we need to waitInv Head and Shoulders seems to be forming on the CAD/CHF Minor Currency Pair. There is a fight between Canada and Swiss Franc and it looks like Canada is preparing the troops for upside in the chart. We need to wait for the higher low to form (right shoulder). Then for the price to break above the neckline and it will be breaking above the medium term downtrend. 7>21 Price<200 RSI>50 Target 0.7303 INTERESTING FACT! Did you know how the CAD Canadian Dollar got it's nickname - Loonie from/ No not that! lol But I know you're thinking it. The name "loonie" originates from the bird depicted on the one-dollar coin. The common loon, a bird that is widespread in Canada, was selected as the emblem for the coin, leading to the currency's popular nickname. The loonie was introduced in 1987 (my brith year) as a cost-saving measure to replace the one-dollar banknote.
Long
by Timonrosso
Forex Analysis on EUR/JPY - Sell Forex Setup The Eur/Jpy has a lot of potentials. The movement of price is dope. There is a lot of both buy-side and sell-side liquidity that needs to be taken out from the market by the banks and institutional traders. So we hope to see this pair fall to at least the level I expected. When trading this, one needs to note what to do whether to take full profits or take it in partials till it hit tp. After the break-in market structure from the upside to the down, there is now a retracement to the RTO level which will be retested before flooding to the downside. But what is more important here is for you to identify how the price action moves based on the setups.
Short
by UnknownUnicorn12056239
GBPUSD approaching resistance, potential drop! GBPUSD is approaching our first resistance at 1.3571 (horizontal swing high resistance, 76.4% Fibonacci retracement) where it could potentially drop to our first support at 1.3526 (horizontal swing low support, 38.2% Fibonacci retracement). A breakout below our first support might push price down to our second support at 1.3476 (horizontal swing low support, 61.8% Fibonacci retracement). RSI (55) is also reacting off our major resistance where a reaction off this level might see a corresponding drop in price.
Short
by ICmarkets
2
EURJPY approaching resistance, potential drop! EURJPY is testing our first resistance at 129.96 (horizontal overlap resistance, 161.8% Fibonacci extension, Elliot wave structure). A strong reaction might occur below this level, pushing price down to our major support at 129.07 (horizontal swing low support, 100% Fibonacci extension). Ichimoku cloud is also showing signs of bearish pressure, in line with our bearish bias. RSI is also approaching our major resistance and we might see a corresponding drop in price. Trading CFDs on margin carries high risk. Losses can exceed the initial investment so please ensure you fully understand the risks.
Short
by easyMarkets
USDX reacted off resistance, further potential drop! USDX reacted off our first resistance at 92.85 (horizontal swing high resistance, 76.4% Fibonacci retracement). A strong reaction might occur below this level, pushing price down to our major support at 90.96 (horizontal pullback support, 50% Fibonacci retracement). A breakout below our intermediate support at 91.93 (horizontal overlap support, 61.8% Fibonacci extension, 23.6% Fibonacci retracement) might provide the bearish acceleration to our major support level. Stochastic (89,5,3) is also reacting off our major resistance and is seeing a bearish divergence where we might see a corresponding drop in price. Losses can exceed the initial investment so please ensure you fully understand the risks Trading CFDs on margin carries high risk.
TVC:DXYShort
by easyMarkets
GBPAUD approaching resistance, potential drop! GBPAUD is approaching our first resistance at 1.8101 (horizontal pullback resistance, breakout level) and a strong reaction might occur below this level, pushing price down to our major support at 1.7980 (horizontal pullback support, 100% Fibonacci extension, 38.2% Fibonacci retracement). Ichimoku cloud is also showing signs of bearish pressure, in line with our bearish bias. RSI (34) is also approaching our major resistance and a reaction off this level might be a good precursor for a potential drop in price. Trading CFDs on margin carries high risk. Losses can exceed the initial investment so please ensure you fully understand the risks.
Short
by Tickmill
CHFAUD broke out of support, further potential drop! CHFAUD broke out of our first support-turned-resistance at 1.3340 (horizontal pullback resistance) and short term ascending support-turned-resistance line. A strong reaction might occur below this level, pushing price down to our major support at 1.3216 (horizontal swing low support). Ichimoku cloud is also showing signs of bearish pressure, in line with our bearish bias. RSI (55) is also seeing a bearish exit and we might see a corresponding drop in price. Trading CFDs on margin carries high risk. Losses can exceed the initial investment so please ensure you fully understand the risks.
Short
by easyMarkets
ASX approaching resistance, potential drop! ASX is approaching our first resistance at 5989.2 (horizontal swing high resistance, 76.4% Fibonacci retracement). A strong reaction might occur below this level, pushing price down to our major support at 5871.9 (horizontal swing low support, 38.2% Fibonacci retracement). Stochastic (89,5,3) is also seeing a bearish divergence and is approaching our major resistance where a reaction off this level might be a good precursor for a potential drop in price. Trading CFDs on margin carries high risk. Losses can exceed the initial investment so please ensure you fully understand the risks.
OANDA:AU200AUDShort
by easyMarkets
AUDJPY approaching resistance, potential drop! AUDJPY is approaching our first resistance at 83.06 (horizontal overlap resistance, 38.2% Fibonacci retracement, 61.8% Fibonacci extension). A strong reaction might occur at this level, pushing price down to our major support at 81.97 (horizontal overlap support, 61.8% Fibonacci retracement, 100% Fibonacci extension). A breakout below our intermediate support at 82.50 (horizontal overlap support, 50% Fibonacci retracement) might provide the bearish acceleration to our major support level. RSI (55) has also reacted off our major descending resistance line and might be a good precursor for a potential drop in price. Trading CFDs on margin carries high risk. Losses can exceed the initial investment so please ensure you fully understand the risks.
Short
by Tickmill
GBPUSD approaching resistance, potential drop! Price is approaching our first resistance at 1.3988 (horizontal overlap resistance) and a strong reaction might occur below this level, pushing price down to our major support at at 1.3743 (horizontal swing low support, 100% Fibonacci extension, 23.6% Fibonacci retracement). A breakout below our intermediate support at 1.3914 (horizontal overlap support) might provide the bearish acceleration to our major support level. Ichimoku cloud is also showing signs of bearish pressure, in line with our bearish bias. RSI (89) is also seeing a bearish exit, a good precursor for a potential drop in price. Trading CFDs on margin carries high risk. Losses can exceed the initial investment so please ensure you fully understand the risks.
Short
by Tickmill
2