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.
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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
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Trade hit SL and nothing was lost. Unlucky this time but I'm not buying just yet. Better luck next time!
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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.