USDZAR Finding Support on Pitchfork
The USDZAR found support on the lower point of the Pitchfork & could not continue to the 200 day moving average, the expectation is price to begin trending upwards, the black and the pink lines form a parallel channel within the pitchfork, price fell out of that channel & where the black meets the pitchfork line is an interesting place for price to consolidate (double resistance) before another attempt higher. Given time, we expect the trend to support the Rand firming over the medium term.
We must also be cognizant of the environment, recession figures will begin to feed into emotions, so a US dollar spike is not out of the question resulting in a hit on stock markets.
We must also be cognizant of the environment, recession figures will begin to feed into emotions, so a US dollar spike is not out of the question resulting in a hit on stock markets.
Bình luận:
Price reached the circle & was rejected, now we are back to the support of the Pitchfork, we can expect another bounce but this time we have a line of resistance 1 June through 7 July. That can be breached but temporarily & that bounce should be an exit point for those long dollars. A new idea will be posted on short dollar & long Rand.
Bình luận:
Having lost support of the Pitchfork, we have arrived at the 200 day moving average, a strong area for a relief rally. Elsewhere the DXY way oversold. Short-term traders can look at the hourly chart to go long without setting greedy targets unless hedged.
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