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USDZAR

ZAR in Jackson's holeThe DXY let off some steam following yesterday's relatively upbeat US GDP data for Q2 which opened the window for some ZAR strength. The DXY's recent rally saw the greenback gain roughly 4.4% from the past 10 days but the yearly high of 109.27 remains intact for now. All the focus will however be on Powell's Jackson hole speech later today and markets may have to brace for a hawkano. The first support rate on the pair sits on the 23.6% Fibo retracement rate at 16.57 and the 50-day MA rate of 16.60. A failed break below this zone could signal more ZAR weakness. A move higher towards the yearly high of 17.31 is on the cards if the pair climbs back above the massively critical 61.8% Fibo retracement rate from the rand's covid recovery at 16.82 (I'll zoom out and post a pic in the comments for perspective). A break above 17.31 could see the rand stumble towards 18.00-18.10. Best case scenario for the rand is less hawkish Powell mumble which will allow the rand to hold the pair below the 50-day MA support rate. A break below the 50-day MA will allow for a retest of the support zone between 16.14 and 16.32. In terms of technicals the RSI is sitting well below overbought levels and there is a golden cross (50-day MA > 200-day MA) in play which does not put the ball in the rand's court.
by Goose96
Watching for USDZAR to break resistanceThe USD/ZAR rallied with eagerness after it went down to a significant demand area at 16.20000. Now, the price has entered a short period of consolidation, as traders anticipate this Friday’s speech by the US Federal Reserve Chair Jerome Powell. The technical chart on the USD/ZAR daily timeframe suggests that a strong supply zone is currently present between 17.15 and 17.30. Breaking above this crucial area is needed to continue the rally, However, this may be increasingly unlikely as the daily candle wicks are now rejecting at 17.15. The MFI indicator, which is a technical oscillator similar to RSI but uses price and volume in identifying the oversold and overbought conditions in an asset, shows that this crucial area was indeed a strong rejection zone, as highlighted in yellow. The MFI indicator is currently facing the mid-point of the indicator. Therefore, the USD/ZAR’s supply line at 17.15 may not be enough to suppress further upside. Looking at the current price action, if the price fails to break above 17.15 and 17.30, and emphatically rejects at these supply zones, look for the price to potentially move to the downside and encounter the 16.20 demand zone once again. It will be interesting to see how investor sentiment (and the associated demand zone) holds up in the face of an emphatic downside break A further break below that zone may induce a possible trend switch to the downside in a short-term period. However, we could also see consolidation between these supply and demand zones.
by BlackBull_Markets
USDZAR BUY | SMALL RISK HUGE REWARD | INSTITUTIONAL**Risk-to-Reward** 1:15 Buy USDZAR @ 16.71524 Stop Loss: 16.66264 Take Profit: 17.50500 Use the Risk-to-Reward Visual Trade Levels For Risk Free Trading ***I personally am trading a 100k account so I focus on 10 total Pairs excluding Crypto daily, risking .25% per trade position aiming for anywhere from 1%-3% gain.*** I am an institutional style trader and I go with the order flow of the market noticing price action more than anything and technicals are always last because throughout my 7+ year trading career I learned many styles and lost a lot of money chasing profits instead of understanding the psychology of trading and emotional intelligence it takes to not trade, but to make consistent profits and not risk my own hard earned money. Hope you take the advice and follow my trade ideas for more I cant post everything but my will be posting them on various platforms for before and afters. ***Correlates With USDZAR***
Long
by Mi3-Legacy-Wealth