Here we are looking at the Pivot Point and the price is trading right at this important level. There are up coming elections in South Africa later this year and this will have a major impact on the value of this currency pair.
Do your year ahead analysis to get an idea of possible turning points. We make use of a weekly timeframe to analyze the year ahead, breaking 2024 up in to 4 quarters. From here we move down to lower timeframe for microscopic analysis and trade entries on lower timeframe. Higher timeframe trendline, speedlines, Fibonacci or Pivot Points remain longer in play. To learn more get our website link on our main profile.
Do your year ahead analysis to get an idea of possible turning points. We make use of a weekly timeframe to analyze the year ahead, breaking 2024 up in to 4 quarters. From here we move down to lower timeframe for microscopic analysis and trade entries on lower timeframe. Higher timeframe trendline, speedlines, Fibonacci or Pivot Points remain longer in play. To learn more get our website link on our main profile.
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Price still within triangle pattern.
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Price broke out-up with bullish momentum see body of candlesticks (green on this chart). anticipate price to reach 19.46/64. then will re-analyze.
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There's a lot of uncertainty in South Africa about the upcoming election this year. No one is certain about the outcome, but it's likely that the current ruling party will stay in power. Even if they don't win outright, there's a possibility they might form a coalition with one of the other leading parties to stay in control.
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As traders, we're not concerned about which political party is in charge. Our focus is on price action, and as long as there are market movements, there will be trading opportunities for us.