USDZAR Short
Welcome back to another LionTrade short on USD/ZAR. We are optimistic about the Rand, but we are more pessimistic on the Dollar, so let's discuss why
We stated previously that we are bearish due to our Fibonacci retracement levels being broken as well as an RSI signalling USD/ZAR as overbought. When USD/ZAR broke R15, we waited to see what the upside would be. We see significant resistance at a level of R15.40 but with no clear long-term-strong trend to reach this level; therefore when the consolidation occurred at around the R15.05 mark, we went short 30 lots.
Our longer term predictions are as follows and can be seen on the chart at our various levels of support and resistance (interchangeably).
TPs:
R14.97049
R14.85943
R14.77711
R14.61090
R14.49968
R14.16504
R13.87932
SL:
R15.22519
R15.45866
When the level of R15.45866 breaks, then this is a long position and you should immediately reverse your short (wait for confirmation).
HAPPY AND PROFITABLE TRADING
Open an account now and get $30 free
clicks.pipaffiliates.com/c?c=330341&l=en&p=1
Also, find us online liontrade.co.za where we have a revolutionary course called Speed Trading
USDZAR
We stated previously that we are bearish due to our Fibonacci retracement levels being broken as well as an RSI signalling USD/ZAR as overbought. When USD/ZAR broke R15, we waited to see what the upside would be. We see significant resistance at a level of R15.40 but with no clear long-term-strong trend to reach this level; therefore when the consolidation occurred at around the R15.05 mark, we went short 30 lots.
Our longer term predictions are as follows and can be seen on the chart at our various levels of support and resistance (interchangeably).
TPs:
R14.97049
R14.85943
R14.77711
R14.61090
R14.49968
R14.16504
R13.87932
SL:
R15.22519
R15.45866
When the level of R15.45866 breaks, then this is a long position and you should immediately reverse your short (wait for confirmation).
HAPPY AND PROFITABLE TRADING
Open an account now and get $30 free
clicks.pipaffiliates.com/c?c=330341&l=en&p=1
Also, find us online liontrade.co.za where we have a revolutionary course called Speed Trading
USDZAR
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