ZARGBP trade ideas
GBPZAR BUY. EXIT AT 18.6000 Pull Back makes Price level 18.2 become support after long struggle from bulls to close above it. Expecting prices to attempt breaking 18.6 once more.
GBPZAR BULLISH BAT FORMING H4POINT C may still find extension from the current 70.7 fib level to the max of 0.886. a strong sell would then be expected to point D,you mat expect a structure to form first around the shoulder at c once the high has been set.At point C the structure currently shows a potentially strong head and shoulder pattern. on the H1 we have a possible star pattern forming. if this high is tested but not violated the pattern is valid. a cutting of the market baseline by rsi 21 to the downside is a confirmed entry.
Possible Medium Term ShortSeems GBPZAR wants to enjoy a sell of as:
- Daily we have a wedge which broke to the downside
- H4 we have a triangle which is retesting structure in conjunction to reversal Fib levels
- Awaiting H1 pattern in structure to confirm entry
PossibleHead and Shoulders Formation If Market Respects previous level of Resistance once again and breaks below level of support a good shorting opportunity is likely for a 1 to 1 risk reward ratio
GBPZAR short dailypure trendline techs explains the gap made during asian today besides any fundamental factors
looking to short on retest of this weeks high, no jump on pins as it may retest with you against you.
lower time frame h1 h4 may present short opportunities.
wait for bigger correctiongbpzar look to sell the commpletion of the correction and selll at top of it.
GBPZAR very LONGTERM perspective - SHORTWe have all been waiting for the resumption of the bull trend but it seems the bear run has only been accelerating and perhaps we are about to see galloping leaps for the bears going ahead.
Opportunity to shortcurrent Key area of resistance: 17:63977
current Key area of Support @ 16.66749
Sell at the resistance level or the break of the neckline
GBPZARWe looking at the retest of the broken support line now resistance, pending order set to sell this pair to our next level of support below.
GBPZAROn this pair we have a rising triangle forming we will await a break on this pattern would be ideal getting some for of flag after the break out to confirm bullish or either bearish bias ,my take on this pair would be bullish but price action can do whatever.
Gold Correlation - GBPZARThis market is pretty significant. If we see any downside here, then gold will continue rallying as it has been doing over the past few weeks. I'm looking for one final drop in GBPZAR before a larger pullback into resistance
