I was wrong yesterday, since the pattern felt we may see a move lower, and ignored the value of Ichimoku support on the 4-hourly chart. That is why SL is always part of the strategy and naturally the SL was around that 19.1500 mark, depending to individual entries, if indeed one shorted. Now we have established above trend line resistance, and we should monitor it whether it will hold or not. Stochastic is positive and suggesting higher levels to be seen.
Personally would stay on side lines, but if strategy is asked for, I feel BUY is more likely the case on the back of unexpected lower GOLD prices as well. BUY @ 19.20-19.2350 and place stop-loss below 19.1550 for now. Profit level somewhere 19.4300.
Personally would stay on side lines, but if strategy is asked for, I feel BUY is more likely the case on the back of unexpected lower GOLD prices as well. BUY @ 19.20-19.2350 and place stop-loss below 19.1550 for now. Profit level somewhere 19.4300.
Note
Looking at DXY chart and other pairs, the chances are we will see also a lower USDZAR. For that reason, change your LONG position stop @ 19.1750 instead. Over all we are trading above trendline, and this may give it chance to see higher levels due to weakness on the metals.
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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.