We see price bounced so nicely off the 50% fib level from the higher time frame with an impulsive move. By paying attention to the trendline and in accordance with the fib extension, I would watch for price to reach 50%, 61.8% or 78.6% fib level, which would again respect the trendline as noted. In terms of fundamentals, the South African Reserve Bank defended its mandate of price stability on today and held rates. The rand weakened a bit because of this action. It's been shown historically, that attempts to alter the central bank’s mandate have caused the rand to weaken. Key to watch in 2019 is economic growth, which has for now been revised down. We could see rate hikes towards the middle of 2019. I always say understand fundamentals, but pay attention to technicals. Watch price action and trade at your own risk. This is not a signal but for demonstration purposes and educational purposes only.
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This trade is still open; however, I am not seeing the bullish momentum that I would like to see. We could see a push to the downside, possibly to the next key level before prices makes a larger bull run up. Be sure your profits are protected and that you are using proper risk management. You should be in profit if you took this trade. My suggestion is to either exit with profits or protect them.
