USD/ZAR Analysis Today 29/04: Clear Trading Range (Chart)

(MENAFN- Daily Forex) Long Trade Idea

• Go long after a bullish price action reversal on the H1 timeframe following the next touch of 18.44.
• Place the stop loss 0.1118 below the local swing low.
• Adjust the stop loss to break even once the trade is 0.1118 in profit by price.
• Take off 50% of the position as profit when the trade is 0.1118 in profit by price and leave the remainder of the position to run.

Short Trade Ideas

• Go short after a bearish price action reversal on the H1 timeframe following the next touch of 18.59, 18.74, or above 18.82.
• Place the stop loss 0.1118 above the local swing high.
• Adjust the stop loss to break even once the trade is 0.1118 in profit by price.
• Take off 50% of the position as profit when the trade is 0.1118 in profit by price and leave the remainder of the position to run.

The best method to identify a classic“price action reversal” is for an hourly candle to close, such as a pin bar , a doji , an outside or even just an engulfing candle with a higher close. You can exploit these levels or zones by watching the price action that occurs at the given levels/ZAR Analysis

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The USD/ZAR currency pair has been in a bearish trend since peaking at a multi-month high on 9th April. The decline last week was especially impressive because the US Dollar gained against most other currencies.

Technically an interesting point has been reached, with the recent multi-month low price rejecting a point very close to a key support level at 18.44 which is confluent with 18.50. The price has been rising from near this level today after making a u-shaped bottom.

Above, there is a clear key resistance level at 18.74.

I think the best approach here would be to look for a quick long trade if we get another bullish bounce following a test of 18.44 or even 18.50, or a longer-term short trade if we get another failed test from below of the resistance level at 18.74.

Strong bearish reversals at 18.59 or above 18.82 could also be interesting short trade entries.

There is nothing of high importance due today regarding the South African Rand. Concerning the US Dollar there will be a release of JOLTS Job Openings data at 3pm.

EURUSD Chart by TradingView

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