Hi there,
There's an ABC pattern forming in the USDZAR H1 time frame. AB appears to be a correction in a bullish trend that continues in higher time frames when viewed over a stochastic indicator.
Therefore, BC is expected to continue the bullish XA wave, reaching an approximate price area of 19.31196, with 19.08984 as the first price target when applying a Fibonacci retracement tool.
If the price falls below the recent low of 18.46243, then this setup will be invalid.
Happy Trading
K.
Note
The price could go higher for the bullish momentum in the weekly time frame.
Trade closed: target reached
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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.