TRYZAR Symmetrical Triangle. Get Ready for a breakout!Symmetrical triangle usually forms during a trend as a continuation pattern. so there is a higher chance of breaking out to the DOWNSIDE
Zarsells
(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
(Buy) USDZAR Technical Analysis for April 18, 2018Hello Traders,
Today we shift our focus to USDZAR and from the charts, we can see that the ZAR is generally bullish but it looks like the USD is turning the corner if technical developments is anything to go by. As you can see in the weekly chart, USDZAR prices are generally moving up and with a stochastic buy signal turning from deep the oversold territory, we should be angling for USD buy opportunities in lower time frames.
Word of caution, let’s not rush and commit ourselves without sufficient reasons to. From the chart, USDZAR price action is finding resistance at the 20 period MA or the middle BB in the weekly chart and if indeed there is a break and close above 12.2, then we can as well ramp up bulls.
In the 4HR chart, we have some sort of a USD undervaluation with a whole bull candlestick printing below the lower BB. Because of this-and as historical prices shows-correction to the upside is inevitable. We are already seeing this and with those higher highs, aggressive traders can buy USD with stops below this week’s lows at 11.95. After all, if we buy, we are aligning ourselves with the weekly trend and increasing our odds of a possible break out.
Advised by this, my USDZAR trade plan is as follows:
Buy: 12
Stop Loss: 11.95
Take Profit: 12.60
Have good trading day and let me know what you think!!!
This Post was Originally Posted at Forex.Today by Dalmas Ngetich
