(Buy) USDZAR Technical Analysis for April 26, 2018Hello Traders,
I have been watching USDZAR for a while. Well, I must say, the time is ripe to look for under-valuations in lower time frames and buy. First, like we mentioned in the previous article, the middle BB in the weekly chart was our main liquidation or the resistance line.
However, as it is,the USD is now trending above this line and with a whole candlestick likely to close above it, we can as well trade a break out pattern with stops at this week’s lows. Besides, we have this stochastic buy signal turning from deep the oversold territory complete with higher highs relative to the lower BB. Because of this confluence of technical formations, we shall zoom in to the 4HR chart and look for stochastics buy signals before ramping up buys.
In the 4HR chart, ZAR bulls are driving prices lower. This is expected because this week was largely bullish and because this is but a minor correction-at least from my point of view, I expect USD bulls to find support anywhere between 12.15 and 12.25. Of course, it will be perfect if we have a stochastic buy signal printing between this support zone since it would cement our bullish projection and help build the much needed momentum.
This is my USDZAR trade plan
Buy Limit: 12.15-12.25
Stops: 12.15
Take Profit: 13-14.50
Let me know what you think. Have a good trading day!!!
This TA was first published by at Forex.Today under Dalmas Ngetich
