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Usdzarshort

USDZAR setting up for a possible short FX:USDZAR Ah, I have been watching this pair for a couple of days and it looks like we may just have a possible short setting up. * Price is currently in a down trend in the bigger picture * Hanging man (hammer at resistance) candle completed (sell signal) * Bearish candle currently printing (needs to close bearish for confirmation of sell signal) Should this move play out we could see price hitting the 13.85 level and possibly lower Essentially a sell stop under the hanging man and confirmation candle can provide an ideal entry.
Short
by Cmasterza
USDZAR Short opened with T1 @ R14.20 and T2 @R14.00Hi Guys, We broke down the daily uptrend today on USDZAR after another failed and shortlived rally passed that briefly passed R14.75 and R15.00 with big sellers coming in again to drive the price under R14.75. We broke under the uptrend today and sitting at a support level stable for now. A break below R14.50 and sellers should enter with some support at R14.40 but doubt that will hold. Strong chart support sits at R14.20 and then R14.00. I think we will see some choppy price action around R13.90 to R14.20. R14 tends to be 61.8% as well so its a good area to bounce on.... The RSI seems to be overbought based on the history not going too high so a pull back is in order there as well. Worst case scenario if this breaks well under R14.00, then this could test the breakout (yellow line) But I think R14 is going to be super strong with lots of new buyers...well at least for now. Good luck (This is just my thoughts as to what I will be watching this week) and do your own research. Happy Trading Y'all!!!
Short
by davy101