USDZAR is approaching our first support at 6.6135 (horizontal swing low support, 61.8%, 100% Fibonacci extension) where a strong bounce might occur pushing price up to our major resistance at 6.7134 (horizontal swing high resistance, 61.8% Fibonacci extension, 23.6%, 50% Fibonacci retracement). Stochastic (34,5,3) is also approaching support and seeing a bullish...
The US Dollar has been depreciating against the South African Rand gradually since the beginning of August. This movement has been bounded in a falling wedge. During this week the pair has been trying to breach the resistance level formed by the weekly R1 at 14.54. Given that the exchange rate is being pressured by the 55-, 100– and 200-hour SMAs, it is...
USDZAR is approaching our first resistance at 6.8630 (horizontal overlap resistance, 100% Fibonacci extension, 38.2% Fibonacci retracement) where a strong drop might occur below this level pushing price down to our major support at 6.6179 (horizontal swing low support, 100% Fibonacci extension). Stochastic (21,5,3) is also approaching resistance and we might see...
USDZAR is approaching our first support at 6.7169 (horizontal swing low support, 61.8%, 100% Fibonacci extension, 23.6% fibonacci retracement) where a strong bounce might occur pushing price up to its resistance at 6.8762 (horizontal overlap resistance, 100% Fibonacci extension, 38.2% Fibonacci retracement). Stochastic (21,5,3) is also approaching support and we...
USDZAR is approaching our first resistance at 6.8550 (horizontal overlap resistance, 23.6% fibonacci retracement) where a strong drop might occur pushing price down to our major support at 6.7253 (horizontal pullback support, 100%, 61.8% fibonacci extension, 23.6% fibonacci retracement). Stochastic (34,5,3) is also approaching resistance and we might see a...
Key levels to look out for, please refer to 4 hour chart for strategic view!
Downside risks has been dominated the USD/ZAR exchange rate since the pair reversed from the upper boundary of a medium-term ascending channel at 15.47. During this week the currency pair has been trying to surpass the resistance cluster formed by a combination the weekly and monthly PPs, as well the 55-, 100-, 200-hour SMAs and the Fibonacci 23.60% retracement...
Price has presented an opportunity to press the ZAR to 16.50 The 4hr bearish trendline was broken and new support was found to the upside. I am well aware that the USDZAR can become extremely volatile, hence the tight stop. Any break below the current trend line and i will be taking profit.
TP = 15.400 hit, quicker than expected, as the 1W Channel Up (RSI = 57.959, MACD = 0.486, B/BP = 1.1840) aggressively moved towards a new Higher High. Equally aggressively it has pulled back (Highs/Lows = 0) to a new Higher Low on our projected curve support. We have already bought this low and our long's TP is 15.88200.
The South African Rand has been appreciating against the US Dollar for three sessions after the USD/ZAR pair reversed from the upper boundary of a medium-term ascending channel at 15.65. As apparent on the chart, the US Dollar has reached the weekly R1 at 15.04. In addition, the pair is pressured by the 55– and 100-hour SMAs. These two factors allow to think...
Set up for another chance on the USDZAR, Lower Low, and a Double top set up on the 30min. what do you guys think? whatsapp: +27 78 864 5409
USDZAR is trading within a very aggressive 1W Channel Up (RSI = 67.499, Highs/Lows = 0.6399) with 1D trying to establish a new support (neutral ADX, Williams, CCI, Highs/Lows) near its Higher Low territory. Even on the event of such pull back, the curve will again support the upside movement. In both cases we are long with TP = 15.400.
Refer to weekly chart I posted to see zoomed out fibs. It rejected the .618 retrace after breaking pitchfork (intersecting trend lines).
After testing the senior channel at 13.10 two weeks ago, USD/ZAR initiated a new wave north along the bottom boundary of this pattern. This movement soon lost its strength, thus resulting in minor consolidation starting from the beginning of August. The pair’s most recent development is a breakout from a strong resistance cluster formed by the monthly PP, the...
The US Dollar has appreciated substantially against the South African Rand since mid-May. During this time, the pair gained almost 15% and peaked at its highest position in 2018—the psychological 14.00 mark. This surge has been bounded by an ascending channel. The pair hindered near its bottom boundary on Tuesday, thus pointing to a possible southern breakout....