The USD/ZAR is currently testing the daily mid-band bollinger indicator. This is a low probability area for a bearish reversal to the downside.
The higher probabability play would be a bullish run to the 15.1015 price level which is the 61.8 daily fib level , a very good magnetic level for bullish retracements.
The zone surrounding this price level @ 15.1015, provides a good price zone to start looking for bearish confirmation to enter sell trades , for a downside to the 14.7311 price level another 61.8 fib level for the impulsive wave headed to the projected 15.0000 price level.
If the lower probability play , was to occur and a bearish move started at the 14.88837 price level, the Take profit level for the short position would be 14.6798.
The USD/ZAR being an exotic pair has a very high average daily true range and very "expensive" spreads , so account management is key and lot sizes should be conservative.
The higher probabability play would be a bullish run to the 15.1015 price level which is the 61.8 daily fib level , a very good magnetic level for bullish retracements.
The zone surrounding this price level @ 15.1015, provides a good price zone to start looking for bearish confirmation to enter sell trades , for a downside to the 14.7311 price level another 61.8 fib level for the impulsive wave headed to the projected 15.0000 price level.
If the lower probability play , was to occur and a bearish move started at the 14.88837 price level, the Take profit level for the short position would be 14.6798.
The USD/ZAR being an exotic pair has a very high average daily true range and very "expensive" spreads , so account management is key and lot sizes should be conservative.
註釋
Start assessing short plays
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