In this article, we are drawing Pitchfork channels on USDZAR.
On the weekly USDZAR chart, we can see that the pair is in a upside Pitchfork channel. The pair is approaching the 14.5600 level, which is also 50% of the first channel half. This will be the key test for the coming days and weeks for the extension higher into the Median line 17 level.
Using Andrews Pitchfork tool hint: to plot Andrew’s Pitchfork on a chart, first look for three consecutive big highs or lows at the asset’s price. These key points are highlighted in the chart below.
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We have used the combination of the top-down trading analysis and the Andrews Pitchfork channels to get to a trading entry stop loss levels and targets. On the daily chart, there is a new uptrend Pitchfork channel that could lead to a test of the upper Pitchfork channel line 14.5600 level. This could be used for a long trade entry. If you go long at the market price, place the stop loss below the 13.6000 level and target upper Pitchfork channel line 14.5600 level at least.
Happy trading! (click on the chart to enlarge it)