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USD-ZAR

USDZAR: The long term bearish outlook.This pair is on a recurring bearish pattern sequence on the long term 1W chart. This mix includes a parabolic rise, which when it reaches a top, it develops a Channel Down on 1D (RSI = 37.566, Highs/Lows = -0.3871, BBP = -0.4893). This Channel Down is currently targeting 13.27600 and 12.800 in extension. ** If you like our free content follow our profile (www.tradingview.com) to get more daily ideas. ** Comments and likes are greatly appreciated.
Short
by InvestingScope
USDZAR approaching resistance, potential drop! USDZAR is approaching our first resistance at 6.8172 (horizontal pullback resistance, 50%, 61.8% Fibonacci retracement, 100% Fibonacci extension) where a strong drop might occur below this level pushing price down to our major support at 6.600 (horizontal swing low support, 100% Fibonacci extension). Stochastic (34,5,3) is also approaching our resistance and we might see a corresponding drop in price should it react off this level.
Short
by FlowState
1
USDZAR Bullish Wedge, Part 2Sometimes i just get really scared of myself :) Anyway, so far going almost perfect. The entries are already in since the bounce up was so strong this time. I have added a third entry for this game plan, that is if we see a daily close above that red zone, i will add even more to this position if we see something like a bull flag happening. If this plan works out, i will take profit in 4 parts towards the target, but leaving 25% open with a tight stop below it, just in case this wave up would get extended. Previous analysis:
Long
by botje11
22
USDZAR approaching support, potential bounce! USDZAR is approaching our first support at 13.60 (100% Fibonacci extension, 50%, 78.6% Fibonacci retracement, Horizontal pullback support, Descending channel support) where a strong bounce might occur above this level pushing price up to our major resistance at 13.97 (61.8% Fibonacci extension, 38.2% Fibonacci retracement, Horizontal overlap resistance). Stochastic (55,5,3) is also approaching our support and we can see a bullish divergence where we might see a corresponding bounce in price.
Long
by FlowState
1
USD/ZAR 1H Chart: Downside potentialThe 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 expected that the rate targets the lower wedge line located circa 13.85 within the following sessions. Technical indicators also support bearish scenario. If given wedge does not hold, a breakout south might occur. Potential downside target is the Fibonacci 50.00% retracement at 13.58.
by UnknownUnicorn890690
USD/ZAR 1H Chart: Upside potential apparentDownside 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 in the 14.60/14.71 range. Technical indicators for the long term suggest that a breakout of given resistance cluster might happen in the nearest future. However, this advance might not be immediate, and the pair could decline to the weekly S1 at 14.26 within following trading sessions.
by UnknownUnicorn890690
USD/ZAR 1H Chart: Bearish in short-termThe 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 that the pair could aim for the support cluster formed by the weekly and monthly PPs near 14.45. Meanwhile, technical indicators flash bullish signals in both the short and long terms. This means that some advance northwards may still occur until the upper boundary of given channel
by UnknownUnicorn890690
USD/ZAR 1H Chart: Breakout from channelAfter 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 61.80% Fibonacci retracement and the 200-period (4H) SMA at 13.43. The junior channel was breached along the way. From theoretical point of view, this breakout should be followed by a surge, at least in the short term. The nearest upside target is the 13.80 level where the monthly R1 and the most junior channel are located. In case this appreciation does not occur, traders should wait for a fall below the 200-hour SMA and the senior channel that should confirm a price decline for a couple of session.
Long
by UnknownUnicorn890690