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Usdzarshort

USD/ZAR Short IdeaUSD/ZAR price is following along a descending channel on the week and day chart. Looking for price to retrace back to the 23.6% or 38.2% key fib area before extending to lower price around 12.73, which is a key price level. Price could also pull back to the top of the channel, and thus form a head and shoulders before moving back to lower levels. Place stop loss at top of channel in case of retracement to recent high price. This idea is for educational and demonstration purposes only. Trade at your own risk.
Short
by mrsceleste
USD/ZAR Short Forming 4hr ChartPrice action had been respecting major levels and recently bounced the 0.236 fib levels up through the wedge upper trendlines with its eye on 1.618 zones around 12.09825. I am looking for it to pullback lightly into trendlines supporting the next extension of this breakout wave. Too high risk to short quite yet, I need to see a reversal candle and indicators saying wave is over . I will be looking for short zones above 12.1 with targets back down into channel at current levels around 12.0, but very possible shortside starts forming sooner than that around 12.05 zones.
Short
by davistradingforex
USDZAR Targets 11.2750 and 10.3850 in 2018Rand strength has seen USDZAR on the backfoot lately. Of interest is the failure to break above 12.50. So looking at the weekly there are two ways to read this. 1) We have seen an equal legs ABC correction into the 12.38 level. Problem with this is the absence of a pin bar at the lows of end Dec 2017 and the first week of Jan 2018 2) We have a head and shoulders pattern and based on the break of the neckline we have a target of 11.2750 (with 10.3850 in extension depending on your view of what the historic USDZAR high really was). A weekly close above 13.75 negates Reward:Risk on a short trade of 1.24:1 is not great given downside Rand risk. Rather if seen, 11.27 and 10.38 are good levels for long term long USD/ZAR trades
Short
by CodeAndQuant