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U.S. Dollar / South African Rand

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USDZAR trade ideas

Bearish Opportunities for USDZARHi there I haven't done a setup like this in a long time; it's a classic SND approach. The price may experience an upward pulse, but if it rejects the QML level, it could turn strongly bearish, at least in theory. If it surpasses the QML level to establish a higher high, then the setup will be considered invalid. The 18.20000 level is of significant importance, as it's thought to possess enticing yet relatively low liquidity, which could exert downward pressure on the price. The theory of this setup revolves around the idea that when two lows touch the same area but break a previous high, it can trigger a low that pushes the price lower. The challenge lies in identifying this specific low. For me, it seems like the bias could be around the 17.80000 mark. Best followed with strength indicators. Wishing you a wonderful week, bye K.
Short
by Khiwe
1
USDZAR- Likely BUY strategy Daily chartI was wrong yesterday, since the pattern felt we may see a move lower, and ignored the value of Ichimoku support on the 4-hourly chart. That is why SL is always part of the strategy and naturally the SL was around that 19.1500 mark, depending to individual entries, if indeed one shorted. Now we have established above trend line resistance, and we should monitor it whether it will hold or not. Stochastic is positive and suggesting higher levels to be seen. Personally would stay on side lines, but if strategy is asked for, I feel BUY is more likely the case on the back of unexpected lower GOLD prices as well. BUY @ 19.20-19.2350 and place stop-loss below 19.1550 for now. Profit level somewhere 19.4300.
Long
by peterbokma
7