Another week has started down here in sunny side South Africa and the markets have opened on a rather sad note, but I don't reckon that this will be the order of the day as the day unfolds.
Getting back to the matter at hand, we have an ascending channel on our weekly chart, which indicates an uptrend.
Prices are currently testing our support structure and we are anticipating a bullish momentum. This is because our Stochastic is also indicating Oversold conditions, which further supports analysis.
The Dollar might not really be a safe bet, considering all the fundamental factors but I strongly believe that you can't keep a good Dollar down.
If you consider entering taking this trade, you might want to wait until the Stochastics retests our 20 level before placing your buy trade. That is IF you want to play it safe.
Feel free to add input. I would love to hear your thoughts on my analysis and would greatly appreciate a bit of feedback or constructive criticism.
With that being sad, I'm wishing you all a happy and successful trading week. God bless
Getting back to the matter at hand, we have an ascending channel on our weekly chart, which indicates an uptrend.
Prices are currently testing our support structure and we are anticipating a bullish momentum. This is because our Stochastic is also indicating Oversold conditions, which further supports analysis.
The Dollar might not really be a safe bet, considering all the fundamental factors but I strongly believe that you can't keep a good Dollar down.
If you consider entering taking this trade, you might want to wait until the Stochastics retests our 20 level before placing your buy trade. That is IF you want to play it safe.
Feel free to add input. I would love to hear your thoughts on my analysis and would greatly appreciate a bit of feedback or constructive criticism.
With that being sad, I'm wishing you all a happy and successful trading week. God bless