USD/ZAR Purely for Educational Purposes - Price Action Study
Please note, this idea is for educational and demonstration purposes and does not constitute a trade idea or a signal. The entire idea is much too far out to predict. As such, this is a study. Trade at your own risk. To demonstrate please note the following:
1. This pair has seen an extended bull run. Given this we can expect the market to adjust itself by way of experiencing at least a 50% to 61.8% retracement of the entire previous swing before continuation back up to higher prices.
2. You may ask.....Continuation back up? If we keep fundamentals in mind (remember we do not trade based on fundamentals, but technicals, but we keep the fundamentals in mind), is the rand yet ready to strengthen to prices under 14.5?
3. We see an inverse head and shoulders possibly forming. The continuation up could possibly put us on track to previous highs and beyond, given the fundamental sentiment of the market.
4. We also see that price is being contained with an ascending channel. Price could reach 14.2 before year end, especially if we see strengthening of the rand. This would result in a double top formation.
This is strictly for educational purposes. Study, study, study price action along the way! Trade at your own risk. Follow me on Instagram and Facebook (see links below) for more updates along the way!
1. This pair has seen an extended bull run. Given this we can expect the market to adjust itself by way of experiencing at least a 50% to 61.8% retracement of the entire previous swing before continuation back up to higher prices.
2. You may ask.....Continuation back up? If we keep fundamentals in mind (remember we do not trade based on fundamentals, but technicals, but we keep the fundamentals in mind), is the rand yet ready to strengthen to prices under 14.5?
3. We see an inverse head and shoulders possibly forming. The continuation up could possibly put us on track to previous highs and beyond, given the fundamental sentiment of the market.
4. We also see that price is being contained with an ascending channel. Price could reach 14.2 before year end, especially if we see strengthening of the rand. This would result in a double top formation.
This is strictly for educational purposes. Study, study, study price action along the way! Trade at your own risk. Follow me on Instagram and Facebook (see links below) for more updates along the way!
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Note current price action at current level. Attempt to flag was very weak.