Healthy bullish hammer at support zone

14 nov. 2020

Rising wedge simply means the buyers are finding it difficult to push price higher so they move up with low momentum until the sellers step in and push price down with high bearish momentum. But in usdzar present price structure it's different. Even if there is a rising wedge formation don't expect price to fall because the buyers and sellers momentum during the wedge formation is very strong. This simply means buyers are not weak same as sellers. So what do we do? We simply rule out the wedge formation and look deep into market structure. What do you see? Personally I see a hammer formation at the tip of the support zone. The exact zone were sellers is expected to be weak. So I'm expecting buyers to take over from here.