USDZAR
USD/ZAR weekly candle. The November risk currency rally is loosing some steam which has the USD/ZAR pair struggling to break the major support rate of 15.08/.09, which is on the trend line from from March 2018 and the 78.6% Fibonacci retracement level from Covid dollar rush back in February and March this year. A break below 15.08 will allow the pair to move into the support range between 14.58 and 14.84. Strong support is expected at 14.84 but continued rand momentum could see the pair drop towards the bottom of the current upward channel at 13.88 in the first or second quarter of next year.
A failed break below 15.08 could however see the pair move back towards the 16.00, the 61.8% Fibonacci retracement level. This move will however only prolong the expected move towards the support range of 14.58 and 14.84.
The MACD and Stochastic indicators are however dropping close to the their respective support levels which is an indication that a marginal retracement of the November risk currency rally is highly probable.
Local factors from SA could also hamper a move towards the support range namely: The weak fiscal position, continued civil labour union tensions and the threat of further credit rating downgrades (largely due to the debt pile of the long list of failed State Owned Entities and the crumbling of the SA economy). These factors could easily jeopardize the move into the support range which could mean that South Africans may never see the USD/ZAR trade below 14.50 ever again...
USDZAR top-down AnalysisHello everyone, if you like the idea, do not forget to support with a like and follow.
on WEEKLY: USDZAR is sitting around strong demand in blue and rejecting a green trendline so we will be looking for trend-following buy setups on lower timeframes.
on H1: USDZAR is forming a trendline in red so we are waiting for a new swing to form around it to consider it our new trigger swing.
Trigger: Waiting for a momentum candle close above the gray area to sell.
and until the buy is activated, this one would be overall bearish and can still dive inside the blue zone.
Good luck!
USDZAR UP!It can be seen that this configuration has a great potential for return against risk. Cheers!
UASDZAR looking to put in a bottomwe have finally reached the weekly supply zone that we have been waiting for since june. Momentum is still strong, so you wold expect to see some sort of basing/accumulation forming at these levels. Looking at the daily chart, we can see them starting to slow it down, however, we will look for the weekly to continue to hold support.
USDZAR long analysisUSDZAR long analysis
-Long idea
- BUY 15.33500
- SL 15.25000
- TP1 15.65000
- TP2 15.77000
USDZAR Buy SetUpUSDZAR broke out of a channel, and will push to the upside
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Good Luck!!!
USDZAR Going Long After Elections If Trump wins we will definitely go long and if Biden wins dollar may drop more either way the place where I find a solid structure for a buy is above 15500 where also is the main support trendline.
USDZAR - Trend Change and Diversion in place - Swing Trade 📍 10+ years experience in markets
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KEY NOTE - SPECULATIVE SETUP - not a financial advise - do your own analysis
Please use STOP LOSS and don’t risk more then 1% or maximum 2% of your total account
⏳ 1 day Chart analysis
DM for more details - Tagged Long
USDZAR video top-down AnalysisHello everyone, if you like the idea, do not forget to support with a like and follow.
Here is the top-down analysis for USDZAR, feel free to request any pair/instrument or ask any questions in the comment section below.
Best of luck!
USDZAD LONG - PRICE HAS REACHED WEEKLY TREND LINE AND SUPPORT!Price has been moving with strong bearish momentum on the weekly chart since we broke out of the support area in early November. We have now reached previous weekly support and a weekly trend line and if we see a strong shift from the bears to the bulls we could start to see the overall bullish trend for USDZAR start to resume again and give us a swing to test the previous support, now turned resistance that we broke out of in early November.
