We have a potential short on the USDZAR with a strong bearish close below support looking to treat this area as resistance my enter will be on the retest if price action decides to roll back to the support level turned to resistance
Hey,great analysis!Do you see it testing further down?Lower than 11.58(which it just touched) cause I have a buy position at 11.77680 with TP @11.8500 with SL @ 11.4000.Kindly advice if it will retrace.If it will,I could hold and wait for TP or cut my losses!
KhayalethuMbewu
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@Supertechpro, Hi i would wait for price action and see if it breaks and closes above the down trend line and also close above 11.77680 area once that happens...any bullish engulfing would give you more confirmation to buy this pair..the retrace might go down as far as 0.618 fib but my target on this pair is half way before you get to the 0.618 level.