USDZAR 17.36760 - 0.08 % SHORT IDEAGOOD DAY EVERYONE
HERE'S AN IDEA ON THE USDZAR PAIR , LOOKING FROM THE MONTHLY WE HAVE A BIG BEARISH CANDLE JUST ABOVE MY 38.2% FIBONACCI SIGNALING STRONG MOMENTUM TO THE DOWNSIDE.
> ON THE WEEKLY WE ARE STILL IN THAT DESCENDING CHANNEL MOVE TO THE DOWNSIDE STILL VERY STRONG WITH TWO FULL BEARISH CANDLE TO THE DOWNSIDE
> WE MIGHT SEE A BIT OF CORRECTION/ RETRACEMENT TO RESISTANCE LEVEL 17.37298 THEN POSSIBLY CONTINUE TO THE DOWNSIDE.
> IF WE DON'T BREAK RESISTANCE LEVEL 17.37298 LEVEL AND WE SEE A SIGNIFICANT MOVE TO THE DOWNSIDE WILL BE LOOKING FOR SHORT OPPORTUNITIES ON THE PAIR
> IF WE TRADE ABOVE THAT STRUCTURE THE THE CHANNEL HOLDS WILL BE LOOKING FOR LONG.
NOW FUNDAMENTALLY THE MARKET IS OPENING THE 1ST OF JUNE WHICH MIGHT STRENGTHEN THE RAND AGAINST THE DOLLAR SHOULD WE NOT SEE A RISE IN COVID-19 CASES AND FATALITIES HENCE I'M GOING FOR THIS SCENARIO OTHERWISE ANYTHING IS POSSIBLE..
ENTRY - FOLLOW YOUR ENTRY RULES / PENDING ORDERS / SELL STOPS
TARGET 1 - 17.08611
TARGET 2 - 16.66926
RISK MANAGEMENT
PERIOD - SWING
