Interesting setup on USDZAR - Ratings decision on Friday Evening.
For reference on setup - read this article.
Inflection points identified in yellow shades, interesting volume profile on both the 30min and 1D. Thin volume at current price level, could help the velocity of the bounce!
With thanksgiving in the US, we might see a turkey-shoot!!
Anyway Juicy Setup@!
For reference on setup - read this article.
Inflection points identified in yellow shades, interesting volume profile on both the 30min and 1D. Thin volume at current price level, could help the velocity of the bounce!
With thanksgiving in the US, we might see a turkey-shoot!!
Anyway Juicy Setup@!
Trade active
A rather muted reaction so far - I expect to see more ZAR weakness into the FX open and week ahead - time will tell!For reference on the decision itsself - read bloomberg.com/news/articles/2017-11-24/south-africa-has-debt-rating-cut-by-s-p-moody-s-issues-warning
Note
Resistance at blue shaded area - we need the pair to break above the white line to confirm upside bias
Momentum to the upside will be confirmed when price action moves above Fibonacci Rretracement (yellow and purple dotted lines)
Trade closed manually
Small profit made - rather muted response. I guess EM Flow > Individual sovereign risk! next...!Note
Looks like the blue shaded area was the sweet spot for upside resistance - Next big political event is the African National Congresses (ANC) 54th National Conference, which takes place on the 16th to the 20th December - get your popcorn ready!
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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.