USD/ZAR Bounce or Break? For now watch price action!

Please see my previous analysis on this pair. If you followed this idea, hopefully you protected your profits along the way before price reversed close to the retest of the trendline. As with any trade idea, we have to watch what the market is telling us and follow suit. We can see clearly how price is respecting trendlines on a larger time frame (highlighted in red). It's key to watch and see if price will bounce off or break the trendline as noted. We must also note fundamentals as well, and the state of the South African economy. This pair is one of my faves! It pays out nicely and is worth the study!

Trade attivo:

We see that price bounced off the trend line as noted. Bullish price action did not hold very long. This may be an indicator that the the bulls are becoming exhausted, and we could see the bears take over. Price also rejected at a key level in the market. Always watch what is actually happening in the market, and seek to understand the psychology behind price movement. My inclination now is that we will see more bearish movement to the downside as noted below, with price to reach 14.122'ish. Trade at your own risk.

Trade chiuso: obiettivo raggiunto:

Market manipulation helped price reach 14.697 as noted; note long wick rejection