USDZAR Bearish Setup: Break and Retest
The USDZAR pair has broken below the channel, signaling a shift in market sentiment toward bearish momentum. The price is currently retesting the trendline, which now serves as a potential resistance area.
If the price confirms rejection at the retest of the trendline, I anticipate a bearish move targeting the 18.66384 level, which represents a logical target for this setup.
This setup highlights the potential for a trendline break-and-retest continuation to the downside. Traders should look for bearish confirmation signals, such as bearish engulfing candles or rejection wicks, before considering short positions.
If the price confirms rejection at the retest of the trendline, I anticipate a bearish move targeting the 18.66384 level, which represents a logical target for this setup.
This setup highlights the potential for a trendline break-and-retest continuation to the downside. Traders should look for bearish confirmation signals, such as bearish engulfing candles or rejection wicks, before considering short positions.
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
FREE Trading Signals: t.me/danielmtrading
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.