USDZAR: ABC Pattern Indicates Bullish Setup

Hi there,

There's an ABC pattern forming in the USDZAR H1 time frame. AB appears to be a correction in a bullish trend that continues in higher time frames when viewed over a stochastic indicator.

Therefore, BC is expected to continue the bullish XA wave, reaching an approximate price area of 19.31196, with 19.08984 as the first price target when applying a Fibonacci retracement tool.

If the price falls below the recent low of 18.46243, then this setup will be invalid.

Happy Trading
K.

Kommentar:

The price could go higher for the bullish momentum in the weekly time frame.

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