Short Setup on USD/ZAR by ThinkingAntsOk
Main items we see on the chart:
a) Price has broken a Wedge formation
b) After the break out, the price formed a pennant pattern
c) Pennant patterns are considered continuation structures
d) If the price breaks down the pennant pattern we will use Fibonacci retracement levels, to define our TP1 and TP2
Based on the previous items, if price breaks down below 14.18 we expect a continuation of the bearish movement towards first Fibo “1.272” and then to the second Fibo level “1.618” at 13.75500
Daily vision:
a) Price has broken a Wedge formation
b) After the break out, the price formed a pennant pattern
c) Pennant patterns are considered continuation structures
d) If the price breaks down the pennant pattern we will use Fibonacci retracement levels, to define our TP1 and TP2
Based on the previous items, if price breaks down below 14.18 we expect a continuation of the bearish movement towards first Fibo “1.272” and then to the second Fibo level “1.618” at 13.75500
Daily vision: