Looking To Short USDZARUSDZAR is currently trading upwards towards a strong resistive trendline and a resistance zone. Once price reaches the resistive trendline and the resistance zone, bears can look to go short if price action presents a good opportunity. A stop loss would be placed a few pips above the resistance zone, and the ultimate target near the supportive trendline. This would provide a nice risk to reward ratio of 1:3
A more conservative approach to the short is to wait for a break of the counter-trendline (green trendline on the chart), and open a short thereafter.
If price fails to reach the resistive trendline, traders can go short upon the break of the counter-trendline, although the risk to reward is poorer.
Take your trades based on price action once it gives you a valid entry. Do not enter your trades blindly.
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Best of luck traders!
