cgd

USDZAR setup - Ratings Decision on Friday

cgd Atualizado   
OANDA:USDZAR   Dólar EUA/Rand Sul-africano
Interesting setup on USDZAR - Ratings decision on Friday Evening.

For reference on setup - read this article.

Inflection points identified in yellow shades, interesting volume profile on both the 30min and 1D. Thin volume at current price level, could help the velocity of the bounce!

With thanksgiving in the US, we might see a turkey-shoot!!

Anyway Juicy Setup@!
Trade ativo:
A rather muted reaction so far - I expect to see more ZAR weakness into the FX open and week ahead - time will tell!

For reference on the decision itsself - read www.bloomberg.com/ne...ody-s-issues-warning
Comentário:

Resistance at blue shaded area - we need the pair to break above the white line to confirm upside bias

Momentum to the upside will be confirmed when price action moves above Fibonacci Rretracement (yellow and purple dotted lines)
Trade fechado manualmente:
Small profit made - rather muted response. I guess EM Flow > Individual sovereign risk! next...!
Comentário:

Looks like the blue shaded area was the sweet spot for upside resistance - Next big political event is the African National Congresses (ANC) 54th National Conference, which takes place on the 16th to the 20th December - get your popcorn ready!
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