USD/ZAR Will the Bears Overcome the Bulls? It Ain't Over YET
Hello All!! Welcome to today's edition of the study of my all time favorite pair, USD/ZAR . We have seen quite a bit of action between the bulls and the bears.
Is the market bullish or bearish? Well only time and price action will tell. I can see an argument for both scenarios as follows:
Argument for Bullish Market:
Over the past few weeks the bulls have maintained overall possession of the market. The last three weeks overall have been bullish no doubt. What we saw yesterday could have very well been a correction to the 50% fib level as noted for a continuation up. We had an ascending wedge formation which was followed by a drop , but how much of a drop is the question?
Argument for Bearish Market:
If we take a step back we see that the market was on a strong bear run at the end of 2019 and price has not yet still breached the weekly trendline as noted. Until price pushes beyond this zone, we could still see downward momentum. We also see that price rejected strongly at the 200MA, which served as dynamic resistance. However, price can indeed push beyond this after the first rejection. We had an ascending triangle formation and could be in for a further drop to the downside.
So which one will it be? My suggestion is to study and wait. So for now I stay neutral for intermediate term outlook
If you would like to join my study group for USD/ZAR or for any pairs I offer a subscription group where we study this and all pairs. We study and collaborate as price moves. Study of USD/ZAR alone is 19/month. Study of all pairs is 39/month. To join please visit celestefrederick.com/subscriberszone
We would love to have you and lets catch some pips together!
Remember, never presume on the market and always use proper risk management.
Please feel free to study my recent previous ideas to this pair as part of your study.
Please feel free to like, follow and offer your comments. You can also follow me on social media below and find educational services on my website.
Is the market bullish or bearish? Well only time and price action will tell. I can see an argument for both scenarios as follows:
Argument for Bullish Market:
Over the past few weeks the bulls have maintained overall possession of the market. The last three weeks overall have been bullish no doubt. What we saw yesterday could have very well been a correction to the 50% fib level as noted for a continuation up. We had an ascending wedge formation which was followed by a drop , but how much of a drop is the question?
Argument for Bearish Market:
If we take a step back we see that the market was on a strong bear run at the end of 2019 and price has not yet still breached the weekly trendline as noted. Until price pushes beyond this zone, we could still see downward momentum. We also see that price rejected strongly at the 200MA, which served as dynamic resistance. However, price can indeed push beyond this after the first rejection. We had an ascending triangle formation and could be in for a further drop to the downside.
So which one will it be? My suggestion is to study and wait. So for now I stay neutral for intermediate term outlook
If you would like to join my study group for USD/ZAR or for any pairs I offer a subscription group where we study this and all pairs. We study and collaborate as price moves. Study of USD/ZAR alone is 19/month. Study of all pairs is 39/month. To join please visit celestefrederick.com/subscriberszone
We would love to have you and lets catch some pips together!
Remember, never presume on the market and always use proper risk management.
Please feel free to study my recent previous ideas to this pair as part of your study.
Please feel free to like, follow and offer your comments. You can also follow me on social media below and find educational services on my website.
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