USD/ZAR Long Term - Possible Golden Cross

See trade idea below with analysis and comments. We saw that price bounced off the 61.8% fib level, and took off on a bull run. It retraced very recently to the 50% fib level and appears to be taking off again. We can look at the daily moving averages (50 and 200) and see that the moving averages are crossing, possibly to the upside. This would be a potential Golden Cross. Given the economic climate I think we have more room for this pair to move to the upside ON A LONG TERM BASIS, reaching previous highs, especially as we get closer to the May elections. We will see pullbacks, but long term I believe we have more room to the upside. This idea is for demonstration and educational purposes only. Trade at your own risk. Please like and offer comments.

Please also see my previous analysis, linked below. One analysis is short term, and the other is long term. Again, I believe we will see movement to the downside, as pullbacks but overall, I would expect to see much more movement to the upside.

تعليق:

Price bounced off the 50% fib level as noted below, on a lower time frame

تم فتح الصفقة:

We have reached a key level in the market where price is resting. I am watching to see how price reacts to this key level. We have big news tomorrow. The Moody's credit rating. If South Africa's rating is downgraded to junk the bull run will commence.

تم إغلاق الصفقة يدويًا:

Took profits. I see a possible reversal at a key level.