RE-VISITING USDZAR

Tendency: Uptrend ( Bullish )
Structure: Harmonic | BAT | Channel
Observation: i. Since the impulse leg, the buyer's strength remains strong as we see price bounce off the 13.20000 and 14.00000 zones with engulfing candles.
ii. The culmination of the BAT falls within the 14.00000 zone where the buyers are strong.
iii. Using Fibonacci retracement tool; point B is an approximate of 50% of XA leg.
iv. BC retraces 0.886 of AB.
v. CD is within 1.618 approximate extensions of AB.
vi. D is at a 0.886 retracement of XA leg.
vii. Price above our Moving Averages.
viii. We can not ignore the obvious that price appears to respect the Ascending channel.
Trading plan: BUY possibility with minimum potential profit @ 14,500 pips.
Risk/Reward: 1/2.5
Potential Duration: 7 to 14 days

** Please note that Stop Loss/risk-reward ratio is subject to individual risk appetite per trade and account size.

Watch this space or Telegram channel for updates on lower time frames as price action is been monitored.


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