Potential Short-Term Long/Short for USDZAR

13 mai 2020

I have denoted the two movements I believe are probable given the technical analysis I have done with two different coloured sets of arrows. The purple arrows denote the movement I believe will take place if the H4 trendline I have drawn in is not correctly broken, in that case I believe price will move to the lower bound of H4 channel before making a bullish price movement. The yellow arrows denote the movement I believe will take place if the H4 trendline is correctly broken, after which I believe the H1 channel I have drawn in will continue to be respected to the upper bound of the H4 channel before making a bearish price movement. Both of these expected outcomes fall in line with the USDZAR's short term bearish trend. I'm trading the USDZAR strictly on the H1 given the unpredictable nature of its longer term movements. Let me know if you agree/disagree.