USDZAR
Two buy opportunities on this chart for USDZARMid-Term Forecast:
Trading suggestion:
. There is a possibility of temporary retracement to suggested support line (16.545). if so, traders can set orders based on Price Action and expect to reach short-term targets.
Technical analysis:
. USDZAR is in a range bound and the beginning of uptrend is expected.
.The price is above the 21-Day WEMA which acts as a dynamic support.
. The RSI is at 53.
Take Profits:
TP1= @ 17.2610
TP2= @ 17.7630
TP3= @ 18.6940
TP4= @ 19.3420
TP5= @ 21.4450
SL= Break below S3
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Short-Term Forecast:
Trading suggestion:
. There is a possibility of temporary retracement to suggested support line (16.784). if so, traders can set orders based on Price Action and expect to reach short-term targets.
Technical analysis:
. USDZAR is in a range bound and the beginning of uptrend is expected.
.The price is above the 21-Day WEMA which acts as a dynamic support.
. The RSI is at 55.
Take Profits:
TP1= @ 17.2610
TP2= @ 17.5260
TP3= @ 17.7655
TP4= @ 18.1270
TP5= @ 18.6915
SL= Break below S3
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Two buy opportunities on this chart for USDZARMid-Term Forecast:
Trading suggestion:
. There is a possibility of temporary retracement to suggested support line (16.545). if so, traders can set orders based on Price Action and expect to reach short-term targets.
Technical analysis:
. USDZAR is in a range bound and the beginning of uptrend is expected.
.The price is above the 21-Day WEMA which acts as a dynamic support.
. The RSI is at 53.
Take Profits:
TP1= @ 17.2610
TP2= @ 17.7630
TP3= @ 18.6940
TP4= @ 19.3420
TP5= @ 21.4450
SL= Break below S3
--------------------------------------------------------------------------------------------------
Short-Term Forecast:
Trading suggestion:
. There is a possibility of temporary retracement to suggested support line (16.784). if so, traders can set orders based on Price Action and expect to reach short-term targets.
Technical analysis:
. USDZAR is in a range bound and the beginning of uptrend is expected.
.The price is above the 21-Day WEMA which acts as a dynamic support.
. The RSI is at 55.
Take Profits:
TP1= @ 17.2610
TP2= @ 17.5260
TP3= @ 17.7655
TP4= @ 18.1270
TP5= @ 18.6915
SL= Break below S3
❤️ If you find this helpful and want more FREE forecasts in TradingView
. . . . . Please show your support back,
. . . . . . . . Hit the 👍 LIKE button,
. . . . . . . . . . . Drop some feedback below in the comment!
❤️ Your Support is very much 🙏 appreciated! ❤️
💎 Want us to help you become a better Forex trader ?
Now, It's your turn !
Be sure to leave a comment let us know how do you see this opportunity and forecast.
Trade well, ❤️
ForecastCity English Support Team ❤️
USDZAR Long - The One to Watch This Week I am expecting USDZAR to break out of its descending wedge formation as a bullish flag and is also oversold on the RSI . US Dollar Index also has an inverse head and shoulders patterns indicating further dollar strength this coming week.
Watch the price action at 17.27500 London open
TP1: 17.500
TP2: 17.72
TP3: 19.95
Interest rate decision of the South African Reserve BankAs investors wait for the crucial interest rate decision of the South African Reserve Bank, the rand momentarily slows down against the US dollar. However, as the greenback also remains vulnerable, the pair is still projected to go down to its support level by the latter half of the month. Moreover, the monetary policy committee of the SARB has a lot to digest before they come up with a decision on their meeting tomorrow, September 17. It’s widely believed that the SARB will leave its rates unmoved at about 3.50% but some are speculating as to whether they will cut it by at least 25 basis points. Thanks to the virus, the SARB MPC has slashed their rates by about 300 basis points, weakening the rand during the initial days of the pandemic. Fortunately for bearish investors, the broader weakness faced by the US dollar is enough to help them push the exchange rate’s prices to negative territories, allowing the rand to slowly recover against the buck.
Looking for Long on USDZARDXY was refracting yesterday and the rally continues to the upside.
We are also in a demand zone in confluence with 78% fib level.
Foreign Exchange and CFD Trading are leveraged products that involve a significant risk of loss. The trader is liable to either a portion, or the entire loss of margin deposit if proper consideration of the risks, as well as fundamentals are not fully considered in trading.