USDZAR | 16.40 on the cards
I'm not really into chart patterns like the head and shoulders, but looking at the USDZAR, its hard to find a bullish case for the Rand. Fact it, it looks weak.
If we break down the inverse head and shoulders structures I've drawn in this chart - we see a small IHS on the daily and a much larger, multi-year pattern that is still to complete.
But what is an IHS except a price butting up against a neckline/horizontal resistance/supply more and more until it looks likely to break out? That's how I see it. A failure of the bears to make any real ground.
A break here opens the way to R16.40
If we break down the inverse head and shoulders structures I've drawn in this chart - we see a small IHS on the daily and a much larger, multi-year pattern that is still to complete.
But what is an IHS except a price butting up against a neckline/horizontal resistance/supply more and more until it looks likely to break out? That's how I see it. A failure of the bears to make any real ground.
A break here opens the way to R16.40
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.