USDZAR If you are in a Short; it May Very Well Be Short Lived

Let's start with the fundamentals this time. Please refer to my attached update below, where we took profits after asking the question, "Can the Rand Withstand the Pressure?". After a little consolidation and whiplash on the lower time frame, we saw a big outbreak to the upside of this pair. The rand weakened yet more as markets became jittery over the announcement of President Cyril Ramaphosa's new executive. Now, for what we see now..a little selling activity. I believe what we see currently in the market in terms of selling is the market taking a breather after such a big bull run of close to 500 pips. Now I'm just a student, but I don't believe it's yet time to count the bulls out of the market and go for the long short. Between political instability and the economic growth forecasts, the rand is still under much pressure. I have highlighted a key zone where I think the this pair still has a possibility of reaching. In light of the upcoming economic forecasts and political climate, this market is still yet volatile. This idea is simply my idea and is not a signal. It is simply for educational and demonstration purposes. Trade at your own risk and protect any profits you have gained.
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Zlecenie aktywne:

Price action is moving as I expected. I'm not convinced this would be a good short. I think we may have more upward momentum to go.

Transakcja zamknięta: osiągnięto wyznaczony cel:

Took profits before sign of exhaustion last night. I hope you did as well. Please refer to my Instagram for the update. I spoke of price reaching a zone and not necessarily a target. Be sure to follow my Instagram and Facebook pages for updates.