Chart of the Day USDZAR

USDZAR breakout or an upside continuation?

 

USDZAR is testing an uptrend line and possible bearish flag support 16.76. A bounce and a close above 17 is required for the upside continuation and extension higher. For a complete bearish flag downside breakout and higher probability short trade entries, we need to see a confirmed break below 16.70. USDZAR reached 50% Fibonacci retracement of the Feb-Apr swing higher. The overall long-term is an uptrend and a confirmed break above 17.78 will lead to an extended continuation higher.

 

Note – We are inclined to long trade entries with the stop loss below 16.70 if the stop would be taken reverse to short trades

Quote of the Day

Letiing the winners run is only acceptable with a trailing stop

USDZAR price actio daily chart
USDZAR testing the uptrend line support

If you want to learn trading analysis and how to get to key trading levels like in this article register for Private Live mentoring with your trading evaluation.

LAST MINUTE ANTI COVID-19 FLASH SALE UP TO 25% OFF FOR A LIMITED NUMBER OF REGISTRANTS! FUNDED TRADER ACCOUNT!

Sponsored by our recommended brokers.



Scroll to Top
×