The US dollar and Dollar Index DXY are pretty strong creating new demand levels in a clear trend. There are many USD Forex Cross pairs and exotics pairs like USDZAR that also have a clear uptrend and bullish bias creating new weekly demand demand imbalances.
We don’t need complex Forex trading strategies to locate price levels to trade on USD Forex cross pairs, we just need to locate imbalances and impulses that are strong enough to accomplish something. USDZAR Forex cross pair is such a case. Having a new imbalance located on the charts does not necessarily mean that price will retrace to it, many times the underlying asset will just keep on moving in the expected direction without pulling back. This is the case right now on USDZAR Forex weekly timeframe where price has not been able to retrace to strong imbalance located around 14.
As a Forex trading beginner you want to avoid complexities, you want to have a clear view of where you can place your trades without having a PhD on economics or being glued to your computer all day long trying to scratch some money out of nowhere. Forex trading for beginners should not be that difficult if you eliminate all the noise.
We could see USDZAR dropping soon if Dollar Index DXY starts reacting to the strong very big timeframe supply level that has gained control and new supply zones are created on USDZAR Forex cross pair
If you are a newbie in Forex trading and want to learn how to trade Forex without indicators on your charts, if you want to learn how to trade without having to pay attention to the news events, feel free to join our Forex trading course.
This is the kind of price action technical analysis you will learn in our trading community. You will learn how to locate new supply and demand imbalances and trade without using any indicators, no news, no fundamental analysis, no earnings announcements, no volume or VSA analysis. Just supply and demand imbalances.
Trading supply and demand imbalances is ideal for beginners and those with a full or half time job, you won’t need to stay in front of the computer all day long trying to move price action with your mind.
As supply and demand traders, we do not need to pay attention to the news, fundamentals or any earnings reports. Once a big timeframe imbalance has gained control, earnings do just the opposite and reacts strongly to those imbalances. Why is it that you see positive earnings and then the underlying stock drops like a rock, or a negative earnings announcement and the stock rallies like a rocket out of control? You are probably missing the fact that there are big imbalances gaining control.
Unless you are doing very short term trading and scalping, you should not worry about fundamentals or earnings announcements.
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