USDZAR 16.94610 - 0.29% SHORT IDEA MULTIPLE TIMEFRAMES

Good Day Everyone

Here's a look at the USDZAR pair from a multi-time-frame view

MONTHLY

* Starting with the monthly time-frame we see the pair respecting the Fibonacci retracement structure, we saw a rejection just below the 50 % fibonacci level pushed up to 38.2 % fibonacci level now we are having a strong bearish move on the pair looking for continuation of the move to the downside targeting thhat 50% fibonnacci level ( 16.62489) so from the monthly perspective the sentiment is bearish for me.

WEEKLY

* Coming to the weekly the sentiment is still the same we trading between 38.2 % & 50 % Fibonacci retracemnt levels on a bearish momentum the pair is in a descending channel which just retested the roof of the structure and was rejected pushing down and the channel holding thus far so the sentiment still bearish on the pair..

DAILY

* Moving down to the daily chart the pair is still trading in that descending channel we also see a pennant formation which might signal continuation to the downside. looking at bearish opportunities on the pair for continuation of the move targeting resistance level 16.30190

Good luck and happy trading everyone


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ENTRY & SL - FOLLOW YOUR RULES
RISK-MANAGEMENT
PERIOD - SWING TRADE
TARGET 1 - 16.6115
TARGET 2 - 16.30190

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Comentário:

ON THE MONTHLY

Comentário:

ON THE WEEKLY

Trade ativo

Trade fechado: stop atingido