Analysis done on the weekly timeframe. As you can see, USDZAR is in a clear downtrend. I expect price to come up closer to the trendline before ultimately heading down again. I have identified several key support and resistance levels from the weekly TF also.
This is just my analysis, i've never actually traded any exotic pairs. If anyone has any advice or tips for exotics, specifically UZ, i would appreciate it if you could comment them. Only reason i even ended up checking it out was because i read an article on Bloomberg about SA struggling with covid vaccines, so i figured this could be a good opportunity to swing.
I may take a short on a small lotsize once price comes up to an ideal entry.
This is just my analysis, i've never actually traded any exotic pairs. If anyone has any advice or tips for exotics, specifically UZ, i would appreciate it if you could comment them. Only reason i even ended up checking it out was because i read an article on Bloomberg about SA struggling with covid vaccines, so i figured this could be a good opportunity to swing.
I may take a short on a small lotsize once price comes up to an ideal entry.