IT APPEARS TO BE A TALL RAND TO CLIMB FOR THE ZAR! | USDZAR (4H)

We amassed a total of 3,340pips in the last trade taken on this pair (see link below for reference purposes); Find below our follow-up plan as we intend to take advantage of the setup arising.

Tendency: Temporary Uptrend (Bullish)
Structure: Harmonic | AB=CD
Observation: i. Impulse A-to-B is in harmony with the B-to-C leg.
ii. B-to-C: The B- to-C leg is at 61.8% Fibonacci retracement of the A-to-B leg.
iii. Price rejects resistance @ 15.00000 zone to complete correction of AB to form C.
iv. Expected C-to-D leg is a 127.2% Fib. ext. of the A-to-B move which is also equal to the A-to-B leg in distance.
v. Price below Moving Averages indicating a continuation to point D.
Trading plan: BUY at D zone with TP1, TP2 and TP3 (5,260pips) and SL @ 77.500/78.000zone.
Risk/Reward: 1/4
Potential Duration: 2 to 10 days

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


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