USDZAR good short opportunity ( 2-4 day )
The budget reaction of South Africa was at a time just when the US Dollar index (DXY) had a surge. There seems to be a definite long-term trend reversal occuring on the USDZAR, so I advise buying on the dips rather than selling the tops.
My favorite indicators say the sell opportunity is favourable with good risk-reward. There are extended targets available and I will update as the week progresses. Lots of data for the USD this week so some volatility is expected.
My favorite indicators say the sell opportunity is favourable with good risk-reward. There are extended targets available and I will update as the week progresses. Lots of data for the USD this week so some volatility is expected.
Comment:
So far so good, but lots of data coming out this week for America so there is potential for bigger moves. I'll set my SL at 0 so no money is lost if the trend changes suddenly. TP targets at 13.93, with possible extension at 13.58.
Trade closed: stop reached:
Trade hit SL and nothing was lost. Unlucky this time but I'm not buying just yet. Better luck next time!
Comment:
Well it floundered but now the move is more definitive down. If I entered sooner on the trade then this would have been profitable, instead it hit my SL and I am out.