#Rand remains a sell the rally at 19.20-19.30Still looks like the play here is to buy rands between 19.20 - 19.30. Buying back short positions on USDZAR pair at 18.80 and then 18.40-18.50 which is the low of the range
USDZAR
USDZAR sellThis sell could print really nice, price is right now trying breakout to the upside. If it fails to break, we could see it retracing back to around 18.15! My trendline was made with the first two tops that price made, giving the idea that price already tried and failed creating a fake breakout early this month.
Will wait for today's candle closure. If below trendline will open a position with stop loss at 19.15.
USDZAR ForecastThe bullish bias is still in play, and the A-B-C zigzag correction retraced relatively deep to close to 78,6. We have an invalidation level for the bullish bias key to focus on it.
#USDZAR needs a close below 18.80 for further strengthUSDZAR has held the 18.80 support level for now but the long upper tails over the 19.00 level shows the rand bulls in control of price action for now. A daily close below 18.80 should bring about levels of 18.60 and 18.40. 200dma sits at 18.26 and the pair has a tendency to mean revert back to the 200dma before finding support in the recent past.
USDZAR Long Supply And Demand Trade Setup-Price broke uwpard ML
-Price removed opposing pivot supply
-DBR created
-Valid 1TF swing or use 4hr demand
as HTF and wait for new LTF conf day-trades.
-Spread will be wide + comossions high...
Ideally not for most traders.
USDZAR Ascendıng trıangle Hello Everyone we are tradıng now thıs ascendıng channel untıl waıtıng for a breakout
the breakout from the up or down from thıs channel,
the breakout suppost to be to downtrend 18.500 or to uptrend on the 19.300 after retesting it on that price,
until that time we have a trade with the ascending triangle
Set the \TP : 19.300
SL : 18.900
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USDZAR ForecastThe USDZAR seems ready to be bullish, no long ago we anticipated a correction for wave (2) which then occurred and traded to a 50% Fibonacci retracement.
The upside will last a lot longer we can expect it to break the previous high with a Fibonacci projection of 1.61.8 as that is common for wave 3s to extend to that level.
USDZAR BUYUSDZAR price drops sweetly to newly established support at 18.85 early this week 11-15 September. Price recently broke out a bullish channel and this looks to me like a retest. Now would be a good time to buy and exploit the possible weekly and monthly pullback.
USDZAR | Weekly | UpdateLooking at USDZAR on our weekly chart we can notice that USDZAR has been failing to break to the downside as has been respecting our previously outlined levels. To elaborate further we can take note of the fact that USDZAR’s failure to break through our 17.50xxx Psychological level confirmed a new higher low on the pair after which it started rallying back up and is now trading above our 19.0xxxx price point; we can also take note of the fact that after USDZAR failed to break our 17.50xxx level creating a new higher low it gave us the opportunity to identify the formation of that bullish channel within our already existing long term bullish trend.
Now looking to the right on USDZAR we can notice the possibility of it creating a new all time high between our 20.50xxx and 21.50xxx respective levels and considering the current economic climate in South Africa and the upcoming elections causing further instability in the ZAR so we could possibly see the USDZAR head towards these levels as we head into 2024.
South African rand in trouble - Next target R21 :(Inv H&S has formed on the USD/ZAR since 6 June 2023.
The price has recently broken above the neckine, showing the US dollar is poised for upside.
The DIXIE (US Dollar Index) is also showing upside to come.
7>21>200 and confirms the US dollar is going up.
RSI>50 - Bullish
First target is R21.00
ABOUT THE DIXIE:
HOW IT’S CALCULATED
The USDX is calculated by the Federal Reserve Bank of New York and is based on the exchange rates of six major currencies: the euro (EUR) – Accounts for 57.6% - ,Japanese yen (JPY), British pound (GBP), Canadian dollar (CAD), Swedish krona ( SEK ), and Swiss franc (CHF) .
USDZAR 4H ForecastWe're in a bullish sequence on USDZAR, we're in a wave 3 phase which will unfold as an impulse wave. USDZAR will most likely trade bullish based on inverse correlation where XXXUSD trades on the bearish side. We can expect a minor pullback which may result in a significant buy very soon.
$USDZAR ZAR looks fragilePossible inverted head and shoulders building on the ZARUSD
Neckline is at 19,35
If that breaks 21,17 becomes a target
These head and shoulders formations usually takes a while play play out
Patience required
Macro Economics- BRICS Oil Nations, GDPHi Traders, Investors and Speculators of Charts 📈💰
The 15th BRICS summit was held in South Africa from August 22-24, 2023. There have been some important updates that concluded from this summit and if you're an active trader / speculator in the Forex, stocks or commodities market, you NEED to know about this.
The BRICS countries (Brazil, Russia, India, China, and South Africa) now control 30% of the entire global economy. This is up from 17% in 2000 and 23% in 2010 . The BRICS countries are also home to 42% of the world's population.
Incase you missed the previous article, find it here:
BRICS Total GDP With New Members:
B razil: $2.08 trillion
R ussia: $2.06 trillion
I ndia: $3.74 trillion
C hina: $19.37 trillion
S outh Africa: $399 billion
Saudi Arabia: $1.06 trillion
Argentina: $641 billion
UAE: $499 billion
Egypt: $387 billion
Iran: $367 billion
Ethiopia: $156 billion
BRICS will now control 30% of the global economy.
If you're invested in any BRICS related stocks or Forex markets, this concerns you!
The summit outcomes are expected to lead to a weaker US dollar in the near term. This means that currencies against the dollar will strengthen. This is because the BRICS countries are collectively a major source of demand for commodities, such as oil and gold.
The outcomes of this summit lead to proposed increased investment in the BRICS economies. This could lead to higher demand for commodities, which would put upward pressure on commodity prices and the value of currencies of commodity-exporting countries, such as the Brazilian real and the Russian ruble. This would make the US dollar less attractive to investors, which could lead to a weaker dollar.
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Forex & Stocks: Capitalize on BRICS2023Hi Traders, Investors and Speculators of Charts 📈💰
The 15th BRICS summit is being held in South Africa from August 22-24, 2023 and will undoubtedly affect the Forex market. The main reason for this, is the commonly know agenda of BRICS to implement a new reserve currency instead of the USD. More details on that topic here:
The 5 Forex markets we'll consider are: FX_IDC:USDINR FX:USDCNH FX_IDC:USDRUB FX_IDC:USDBRL FX:USDZAR
As we can clearly see from the charts, from a Cycle / Phase analysis, it is dire time for the USD to correct as we see top outs in basically all of the charts Don't be surprised if it goes UP first, then down (sell the news but in reverse for the BRICS currencies).
The summit is being hosted by South Africa, which is the current chair of BRICS. The other members of BRICS are Brazil, Russia, India, and China.
The summit is expected to focus on the war in Ukraine, the global economy, and the expansion of BRICS. The theme of the summit is "BRICS and Africa: Intra-BRICS cooperation for sustainable development in Africa".
Russia's President Vladimir Putin is not attending the summit in person due to the international arrest warrant issued against him for alleged war crimes in Ukraine. He is being represented by Foreign Minister Sergei Lavrov.
The summit is expected to boost investor confidence in the BRICS economies. This is because the summit will provide an opportunity for the BRICS leaders to discuss ways to strengthen their economic cooperation and coordination. This could lead to increased investment in the BRICS economies, which would boost their growth prospects.
Top Stocks to consider are:
1. Petrobras (PBR) is the largest oil and gas company in Brazil. NYSE:PBR
2. Sberbank (SBER) is the largest bank in Russia. MOEX:SBER
3. State Bank of India (SBI) is the largest bank in India. BSE:SBIN
4. China Mobile (CHL) is the largest mobile phone company in China. MIL:CHL
5. Tencent (TCEHY) is a Chinese multinational technology conglomerate. OTC:TCEHY
6. Alibaba (BABA) is a Chinese multinational technology conglomerate. NYSE:BABA
7. Vale (VALE) is a Brazilian multinational mining company. NYSE:VALE
8. PetroChina (PTR) is the largest oil and gas company in China. SSE:601857
9. ONGC (ONGC) is the largest oil and gas company in India. NSE:ONGC
10. Infosys (INFY) is an Indian multinational information technology company. NSE:INFY
The summit is also expected to lead to a weaker US dollar. This means that the other currencies against the dollar as listed on the 4 charts will strengthen. This is because the BRICS countries are collectively a major source of demand for commodities, such as oil and gold. If the summit leads to increased investment in the BRICS economies, it could lead to higher demand for commodities, which would put upward pressure on commodity prices and the value of currencies of commodity-exporting countries, such as the Brazilian real and the Russian ruble. This would make the US dollar less attractive to investors, which could lead to a weaker dollar.
A great way to capitalize on the outcome of BRCIS 2023, is to anticipate and keep an eye out on markets that will potentially be positively affected by this summit.
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USDZAR ForecastPrice is trading in a nice Zig-Zag correction pattern in the bearish direction. We can expect a last drop before the next buys as a wave 3 for a bigger degree. One thing to focus on is the potential level at which the price might reach to( golden Fibonacci levels).
Understanding that waves A and C are often equal can help us identify a potential turning point of price. Judging from the wave A move which was a fast-paced price action we can tell that wave C will be a slow and choppy-moving price action.
BUY USDZARUSDZAR saw a strong surge of bearish movement this past week, which almost had me thinking price would crash to 17 points. Let us keep in mind that the overall trend for this pair is bullish. Here we observe that price is rejecting local support 18.4. H4 structure is not clear at the moment but from my experience, I predict a bullish flag which will break out using a double bottom to the upside 21+ points. For now, let us take profit at local resistance 18.7.
USDZAR ForecastThe impulse phase is complete we can expect a correction pattern to occur. The wave (5) was a nice Ending Diagonal Pattern which is often followed by a sharp reversal.
We can expect the correction to trade around 50 to 61.8 Fibonacci retracement level, it can never be 100% of the impulse wave.
USD/ZAR upside to R21.72 after a resistance breakout Rev C&H has formed on the USD/ZAR.
If we get a slight retracement back it could be forming a Right shoulder to an Inv H&S.
Regardless, this looks bearish for the ZAR and bullish for the USD.
Other indicators are showing upside to come for the greenback.
7>21>200
RSI>50
Target 1 will be R21.72. Ouch for the rand.
The government and load shedding is really messing with the economy of this beautiful country of opportunities and diversification.
USDZAR setup : monitor how the market broke out off the trend channel , now retesting the support of the trend channel
USD/ZARFX:USDZAR Price seems to be at the top of a strong monthly descending trendline. The death cross happened last week (200 and 20 ema crossing) and caused price to drop. I believe it will continue to fall.
Buyers Are You Ready!!!!We have been waiting for the pull back entry and the time is now looking going long is the only way now the buyers are in no second guessing here we go
$USDZAR Bear flag break$ weakness due to lower inflation figures has led to a bear flag break on FX:USDZAR
The target price for this break is 17,63
US economic soft landing in progress, and that is good for stocks
USDZAR TRADE IDEA: Long (24/07/2023)USDZAR is looking to reverse. It has clearly slowed its downwards movement and is looking to reverse up top to potentially continue its down movement. This was signified through its break of structure on the 4H chart.
As shown on the 15 minute chart it has broken structure. The only worrying part is that it is returning back to break even. However this has the potential of a 7RR trade.
NOTE: This is not financial advice, please do your own research and be aware that any risks are being taken solely by you, the individual.
