US Initial Jobless Claims for the week of April 3rd are predicted at 680K, and US Continuing Claims for the week of March 27th are predicted at 3,650K. Forex traders can compare this to US Initial Jobless Claims for the week of March 27th, reported at 719K, and to US Continuing Claims for the week of March 20th, reported at 3,794K.
The forecast for the USD/ZAR remains bearish after price action continues to set lower highs, with the Tenkan-sen extending its move lower. Choppy trading may follow until the flatlining Kijun-sen corrects. The Ichimoku Kinko Hyo Cloud narrowed to a thin, sideways cloud, confirming the lack of momentum in either direction. With the CCI in extreme oversold territory, traders should wait for a spike higher before selling into rallies in the USD/ZAR.
Should price action for the USD/ZAR remain inside the or breakdown below the 14.3875 to 14.6050 zone, the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 14.5200
- Take Profit Zone: 13.9200 – 14.0370
- Stop Loss Level: 14.7720
Should price action for the USD/ZAR breakout above 14.6050, the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 14.7720
- Take Profit Zone: 15.0930 – 15.1430
- Stop Loss Level: 14.6050
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EUR/JPY | Euro to Japanese Yen Trading Analysis
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EUR/JPY | Euro to Japanese Yen Trading Analysis
