USDZAR Targeting The Equality ObjectivesIn this update we review the recent price action in the USDZAR and identify the next high probability trading patterns and price objectives to target
USDZAR
USDZAR, The Cup and Handle Pattern CompletedUSD broke above the upper boundary of the cup and handle pattern on the USDZAR chart.
We can long the pair with the target that is equal to the pattern's height.
Stop-loss should be below today's lowest point.
USDZAR | FLAG BREAKOUTUSDZAR has given a breakout from a bullish flag. If the pattern sustains the target will be 17.012.
The chances of upside are positive as it has crossed the horizontal resistance and retesting it as well.
Trade your levels accordingly.
#USDZAR Breaking outThings not looking good here for the ZAR. Dollar strength is most certainly not helping the ZAR's cause, but eskom is adding 'fuel' to the fire.
I have approximate targets of 17.10 and then 17.90 for the Rand on the confirmed break of the resistance around 17.20 - 17.30.
USDZAR Pull-back or break-out buyThe USDZAR pair has been trading within a Fibonacci Channel since June 07 2021, with one break-out to the 1.382 extension. At the moment it is supported by the 1D MA50 (blue trend-line) and is attempting to break a Lower Highs trend-line. A closing above it should be enough to test the Resistance Zone. Only a break above the 1.0 Fib can justify further buying as a break-out signal to the 1.382 Fib extension again. Until then, it is safer to wait for a pull-back, which is common for these Lower Highs (dashed line) patterns within the Channel. Either above the 0.786 retracement level or near the bottom of the Channel.
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USDZAR Expected Outcome: 1.22% IncreasePrice pulled back to the horizontal support level, EMA 10 support level, and EMA 20 support level. Enter a market execution order and buy limit order.
USDZARCurrently compressing within the bigger support line, however this may be broken sooner as my analysis says it time to camp for a sell signal at support breakout so we wait for the flag compression to be complete and we drop as far as the previous leg.
USDZAR 24th JUNE 2022South Africa inflation rises more than expected, The South African Reserve Bank (SARB) has raised rates for the first time it had hiked rates by 50 basis points since 2016.
Core inflation rose to 4.1% year on year in May, from 3.9% previously.
Basis core inflation was at 0.2% from 0.4%.
Consumer inflation was at 0.7% from 0.6% the previous month.
USDZAR H4
Market Overview USD/ZAR Market Overview USD/ZAR
We are currently at a very significant resistance level and which could push the market lower toward 11.76002 - 9.68326 area in the long term .
Monthly Take Profit 1 : 11.76002
Monthly Take Profit 2 : 9.68326
usdzar Easy Shorts coming upHi Traders
As expected, The fed has hiked the Interest rate which has resulted in the dollar getting weak. My interest then falls upon USD/ZAR as we see price has now come all the way back to broken support which is now resistance.
The biggest eye-catcher is the clean range to the left which has the potential of being filled. Price could smoothly make its way down to 15.50 with ease if it respects the technicals, I will be waiting for the current H4 candle to close below 15.95 Before taking short positions on this exotic pair.
Renaldo Philander
USDZAR $USDZAR Initial LongUSDZAR $USDZAR Initial Long. TP and SL on chart. Move SL on TP. After TP2, trail with 0.5ATR step and 1.5ATR offset.
strategy for small accounts Trading USDZAR strategy for those looking to grow their small account into a reasonable size account with risk management being applied at all times then transforming it into a bigger account while trailing your stop losses to minimize your losses close 55
USDCHF,USDZAR and USDCNH top-down analysis Hello traders, this is the full breakdown of this pair. We will take this trade if all the conditions are satisfied as discussed in the analysis. Smash the like button if you find value in this analysis and drop a comment if you have any questions or let me know which pair to cover in my next analysis.
USDZAR ForecastCurrently on Peak Formation Low. So will start o look for buying opportunities this coming week .
USDZAR – bullish PA expected .. the week of 06 June.The recent price action is corrective and within a channel structure. Many call this PA as a flag pattern (seen better on the H4 chart). Either way, price is now at support and I expect this 15.4240 region to hold. It has been tested a few times already and I am ready to take a long here. Additional factors in favor of a long are:
the preceding trend was bullish and
price is above the 200dma.
Even with a generous stop we still have the potential to get 2.7R and these odds make it a worthwhile risk. Bear in mind however, the wide spreads and negative swap in going long on this pair.
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Always use sound money and risk management and stay patient in all your trades.
USD/ZAR AnalysisThe South African Economy continues to find itself up against increasing challenges with forecasts on unemployment figures to increase after today's data release. Along with extended fuel price increases, putting even more pressure on the ZAR (Rand)
looking at our technicals, we find that a strong demand zone has been broken after a liquidity grab has taken place at the 15.463 area. A break of the 50-day moving average may indicate additional confidence in a weaker move for the ZAR.
We look to find a re-test of this demand level or a strong enough pullback to enter into a long position.
USDZAR ForecastExpecting a 3rd bearish push to complete the cycle on USDZAR. At first there might be a stophunt high before the drop.
Is the South African Rand forging its own path against the USD?The exotic pair of the U.S. Dollar to South African Rand (USD/ZAR) has not correlated strongly with other USD pairs since this year.
In fact, the USD is down 1.3% against the ZAR since the beginning of the year, all the while, the USD index has been super bullish, up 6.1% YTD.
While performing better than the GBP, EUR, and other major partners, the USD is still trading just under last November’s high. With the seasonal tendency of the USD to weaken over the Northern hemisphere’s summer months in combination with the strong trend-bucking Rand, Is it looking unlikely that the USD will take out those highs over the coming months?
A main reason for the ZAR’s strength is the interest rate hikes emanating from the South African Reserve Bank (SARB). Just last Thursday the SARB raised rates to 4.75% with a 50 basis point hike, which is the highest single increase South Africa has seen since 2016. It appears that the announcement was already priced in to the USDZAR since there was little volatility that followed. Several more aggressive rate hikes are expected from the SARB with at least another 50 basis point rise over 2022, and 100 basis points over 2023.
USDZAR technical perspective
On the charts, we can see the pair is floating just below the high created in November 2021. Just this month we've seen a new range created, to which the Fibonacci tool is anchored. There is also an Elder's Force Index (EFI) indicator on the bottom window. This indicator is concerned with the previous day’s opening and closing prices in relation to volume. Overbought and oversold conditions can be ascertained when the indicator moves above or below the zero line.
At the time of this writing, the USDZAR is sitting above on the 78.6% retracement level, with the EFI below the zero line. If the price is going to take out last November’s high, then we will need to see a sustained support at this level. Ever the contrarian, the USDZAR may disregard the oversold EFI confluence and continue on its path below the 78.6% level..
USDZAR possible sell zone!USDZAR has been rejected from the weekly level of resistance and creating a bearish price action.
It looks like USDZAR may drop from this level of resistance to the possible support at 15.42698
USDZAR OutlookWe currently have a price consolidation on possible (Level 1) zone after what looks like a reset on USDZAR. Price likely to breakout on the upside since the "RESET" seems to be a confirmed one.
USDZAR SHORTWe are waiting for a long term short on the ZAR but a short term sell is also the cards, We still believe that price must still go to 12.0000 before we can see a new high on this pair.
