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Southafricanrand

💡Don't miss the great buy opportunity in USDZARMidterm forecast: While the price is above the support 14.5030, beginning of uptrend is expected. We make sure when the resistance at 16.3405 breaks. If the support at 14.5030 is broken, the short-term forecast -beginning of uptrend- will be invalid. Technical analysis: There is a divergence in RSI and price between the trough at 16.315 on 2020-06-10 and the trough at 14.51015 on 2020-12-18, the probability of downtrend continuation is decreased and the probability of beginning of uptrend is increased. The RSI downtrend #1 is broken, so the probability of beginning of uptrend is increased. A trough is formed in daily chart at 14.7500 on 01/21/2021, so more gains to resistance(s) 15.3750, 15.6585, 16.0745 and maximum to Major Resistance (16.3405) is expected. Price is above WEMA21, if price drops more, this line can act as dynamic support against more losses. Relative strength index (RSI) is 55. Trading suggestion: There is possibility of temporary retracement to suggested Buy Zone (14.761 to 14.503). We wait during the retracement, until the price tests the zone, whether approaching, touching or entering the zone. . Beginning of entry zone (14.761) . Ending of entry zone (14.503) Take Profits: TP1 @ 15.3750 TP2 @ 15.6585 TP3 @ 16.0745 TP4 @ 16.3405 TP5 @ 17.1045 TP6 @ 17.7885 TP7 @ 19.3350 TP8 Free ❤️ If you find this helpful and want more FREE forecasts in TradingView . . . . . Please show your support back, . . . . . . . . Hit the 👍 LIKE button, . . . . . . . . . . . Drop some feedback below in the comment! ❤️ Your Support is very much 🙏 appreciated! ❤️ 💎 Want us to help you become a better Forex trader ? Now, It's your turn ! Be sure to leave a comment let us know how do you see this opportunity and forecast. Trade well, ❤️ ForecastCity English Support Team ❤️
Long
by ForecastCity_World
11
USD ZAR BUY (US DOLLAR - SOUTH AFRICAN RAND)Hi there. Price is forming a reversal pattern to change its direction. These are the fundamental reasons for a possible USD/ZAR bullish scenario: Sentiment shifts: Bullish scenario: A breakdown in US stimulus talks and a possible towards a government shutdown; FDA rejecting or postponing the approval of the Pfizer vaccine; a breakdown in Brexit talks with no deal by EU summit. In this scenario we would expect to see downside in equities across the board, with US equities expected to fall more if we see US stimulus talks break down and more downside for EU equities if we see Brexit talks collapse and upside in the dollar across the board. Strong equity sell offs are usually accompanied with some support for the US dollar as the world’s reserve currency and with its safe haven status as well as Japanese yen and Swiss franc .
by thunderpips
2
Two buy opportunities on this chart for USDZARMid-Term Forecast: Trading suggestion: . There is a possibility of temporary retracement to suggested support line (16.545). if so, traders can set orders based on Price Action and expect to reach short-term targets. Technical analysis: . USDZAR is in a range bound and the beginning of uptrend is expected. .The price is above the 21-Day WEMA which acts as a dynamic support. . The RSI is at 53. Take Profits: TP1= @ 17.2610 TP2= @ 17.7630 TP3= @ 18.6940 TP4= @ 19.3420 TP5= @ 21.4450 SL= Break below S3 -------------------------------------------------------------------------------------------------- Short-Term Forecast: Trading suggestion: . There is a possibility of temporary retracement to suggested support line (16.784). if so, traders can set orders based on Price Action and expect to reach short-term targets. Technical analysis: . USDZAR is in a range bound and the beginning of uptrend is expected. .The price is above the 21-Day WEMA which acts as a dynamic support. . The RSI is at 55. Take Profits: TP1= @ 17.2610 TP2= @ 17.5260 TP3= @ 17.7655 TP4= @ 18.1270 TP5= @ 18.6915 SL= Break below S3 ❤️ If you find this helpful and want more FREE forecasts in TradingView . . . . . Please show your support back, . . . . . . . . Hit the 👍 LIKE button, . . . . . . . . . . . Drop some feedback below in the comment! ❤️ Your Support is very much 🙏 appreciated! ❤️ 💎 Want us to help you become a better Forex trader ? Now, It's your turn ! Be sure to leave a comment let us know how do you see this opportunity and forecast. Trade well, ❤️ ForecastCity English Support Team ❤️
Long
by ForecastCity
14
Why the rand will hit R22.44 thanks to this double-whammyMarch will be known as the worst month of all-time for the South African rand. With the ongoing lockdown, the increasing rate of COVID-19 cases, the crumbling economy, and the downgrading from Moody's - It's just been bad news after bad news for SA. And what happened last week? Well we saw the South African rand hit record lows passing through the R19.00 mark against the US dollar. As a proud South African, I believe in time, we will come out of this stronger with new all-time highs on the markets and with new technological developments and idea innovations for the economy. But right now, we need to act on what is currently going on. I personally don't believe we have hit rock-bottom yet, when it comes to the rand, and the economic toll is yet to be counted… And so, in this article I'm going to share reasons why I think the rand will continue to weaken and what we can do to profit from the fall… The rand hit a real double-whammy with ratings As if the crumbling economy during the lockdown wasn’t enough, in two weeks we had downgrading from two global rating agencies. First, we saw Moody’s downgrade South Africa’s sovereign credit rating to junk status. This was due to the unreliable electricity supply, a weak economy, lower business and investment confidence. The downgrade resulted in local and offshore investors selling off their positions, which caused the rand to plummet over R18.00 to the dollar. And one week later on Friday, we saw Fitch downgrade the country’s credit rating from BB+ to BB with a negative outlook – two steps below investment grade. This took the country further into junk status. The agency stated that they forecast a 3.8% contraction for SA’s economy in 2020. And with Fitch’s rating downgrade, sent the rand past R19.00 to the dollar. Here’s what Bianca Botes, executive director at Peregrine Treasury Solutions, said: “The reasons cited are no surprise and in line with what markets already knew – weak economic growth and a deteriorating fiscal position. The announcement by Fitch, following last week’s announcement by Moody’s, comes as yet another hard blow to the local economy that is already under severe strain.” These two downgrading catalysts will continue to see the rand weaken into the year, as already foreign investors have sold a net R46.8 billion rand of government securities in 2020. “Currencies with weak fundamentals will continue to be hit hard in this environment” This was said by Hans Gustafson, a strategist at Swedbank in Stockholm. He stated that South Africa’s growth was weak, even before the Coronavirus outbreak, and that the government finances are deteriorating at a fast pace. And now with the two junk status downgrades, this will kick South Africa out of the FTSE World Government Bond Index in late April 2020. This index includes 14 top currencies, including the dollar, euro, yen and is tracked by over $3 trillion of funds. I suspect that investors will exit their rand positions and pile their money into the US dollar, which will cause a further weakening in emerging currencies including the rand. And guess what, the charts agree as well. Why this four-year Rounding Bottom will take the rand to R22.26 In the above weekly chart of the South African rand (USD:ZAR), you can see it’s been forming a large Rounding Bottom (Shaded area). From 2016 up until 2020, the price has been moving in a half-circle shape from a high of R16.89 down to a low of R11.52. That was until three weeks ago, where it broke well above the high taking it to the current price of R18.18. With the buying pressure on for the US dollars against the South African rand, we can expect the rand to continue weakening past the R22.00 mark. To calculate this target, I’ll use the High-Low calculation which I usually use for my price target predictions: Price target = (High – Low) + High = (R16.89 – R11.52) + R16.89 = R22.26 This means, we can still expect a 22.44% gain for the US dollar against the south African rand… Trade Well, Timon Rossolimos Founder, MATI Trader
Long
by Timonrosso
2
USDZAR - Long Term Perspective +10 yearsWe are in unchartered territory @Crypto_Curry told me to think about the fundamentals. Trajectory remains for a weaker currency fundamentally, however all countries that have materially large, or at risk twin deficit,s have also felt the pain of a strengthening USD compounded by domestic situation and unknown economic impact of COVID. With no technical reference points at these levels the USDZAR could remain at these elevated levels for longer.
by mutemwa01