ForecastCity_ME

💡Don't miss the great buy opportunity in USDZAR

Long
FX:USDZAR   U.S. Dollar / South African Rand
Midterm forecast:
While the price is above the support 14.5030, beginning of uptrend is expected.
We make sure when the resistance at 16.3405 breaks.
If the support at 14.5030 is broken, the short-term forecast -beginning of uptrend- will be invalid.

Technical analysis:
There is a divergence in RSI and price between the trough at 16.315 on 2020-06-10 and the trough at 14.51015 on 2020-12-18, the probability of downtrend continuation is decreased and the probability of beginning of uptrend is increased.
The RSI downtrend #1 is broken, so the probability of beginning of uptrend is increased.
A trough is formed in daily chart at 14.7500 on 01 /21/2021, so more gains to resistance(s) 15.3750, 15.6585, 16.0745 and maximum to Major Resistance (16.3405) is expected.
Price is above WEMA21, if price drops more, this line can act as dynamic support against more losses.
Relative strength index ( RSI ) is 55.

Trading suggestion:
There is possibility of temporary retracement to suggested Buy Zone (14.761 to 14.503). We wait during the retracement, until the price tests the zone, whether approaching, touching or entering the zone.

. Beginning of entry zone (14.761)
. Ending of entry zone (14.503)

Take Profits:
TP1 @ 15.3750
TP2 @ 15.6585
TP3 @ 16.0745
TP4 @ 16.3405
TP5 @ 17.1045
TP6 @ 17.7885
TP7 @ 19.3350
TP8 Free

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ForecastCity English Support Team ❤️
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Comments

I like this one. interesting idea
+3 Reply
ForecastCity_ME sofi_Morphy
We're glad you like it. 😊💚 @sofi_Morphy, Thank you for your comment. We appreciate it 🌹
Reply
Thanks for the analysis.
+2 Reply
@Sophi2018, You're very welcome! We hope you enjoy it.
Reply
Nice setup and detailed analysis, Thanks for sharing.
+1 Reply
ForecastCity_ME Megan_forex
@Megan_forex,  We're happy to help! .🌹
Reply