USDZAR-SELL strategy 6-hourly chart - regression channel
The pair has moved lower 18.1200 area in line with SELL strategy, but fell short heavily sad to say. Thereafter, we spiked and we have finished the day with a hammer top.
The regression channel sloping down ward, shows the expected parameters, and usually a move beyond that, would trigger a move back towards the mid-range of the channel.
the 18.3850 area highlighted some days back, is significant, and it changes the scope a bit. However, for now in line with slight overbought levels and the quick spike, and being slightly above the regression channel top, suggest we may see a pullback again.
there is some dangers of higher levels due to positive indicators, and that is why patience is warranted before selling should be done.
Strategy SELL @ 18.4500 - 18.4950 and take profit near 18.2750 when seen.
The regression channel sloping down ward, shows the expected parameters, and usually a move beyond that, would trigger a move back towards the mid-range of the channel.
the 18.3850 area highlighted some days back, is significant, and it changes the scope a bit. However, for now in line with slight overbought levels and the quick spike, and being slightly above the regression channel top, suggest we may see a pullback again.
there is some dangers of higher levels due to positive indicators, and that is why patience is warranted before selling should be done.
Strategy SELL @ 18.4500 - 18.4950 and take profit near 18.2750 when seen.
Trade closed: target reached
Profit target has been reached. Now watch market developments.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.