Good greeting fellow traders
before we get on my condolence goes out to all those families struggling due to loss of jobs family members etc because of the Virus my prayers are with you all lets stop the spread of this virus by following all the rules!
yes one of the pairs i’ve been watching this month has been the EXOTIC USDZAR
the massive gain by the ZAR after a very long time has CAUGHT the eyes of many fellow South African Traders ive been here just the week the ZAR had started Strengthening
i had expected the gain well before it even happened
and after exiting my short positions it had stayed on my watchlist until this amazing breakout had taken place at a very interesting level as for the main question COULD WE BE EXPECTING A FURTHER Price drop? well the answer from me is both yes and NO!!!
then why would i POST this if i was never SURE?
well we could expect the ZAR to Strengthen not only from this analysis i would never set any limit orders or even place any trades after seeing price retest the aim is to await ENOUGH confirmation i will post just before i execute this position right after all REQUIRED CONFIRMATION has been met the aim is to alert all those who are interested as for my views which may be CORRECT OR INCORRECT i feel price will come back to retest a very strong SUPPORT from the monthly timeframes at 15.49219
lets see how this pair reacts lets be READY FOR ANYTHING
-FxM
Founder Of Forex Academy SA