USD/ZAR price is following along a descending channel on the week and day chart. Looking for price to retrace back to the 23.6% or 38.2% key fib area before extending to lower price around 12.73, which is a key price level. Price could also pull back to the top of the channel, and thus form a head and shoulders before moving back to lower levels. Place stop loss at top of channel in case of retracement to recent high price. This idea is for educational and demonstration purposes only. Trade at your own risk.
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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.