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USDZAR

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. _______________________ 📢 Show us some LOVE 🧡 Follow for daily updates and trade ideas on Crypto , Stocks , Forex and Commodities 💎 We thank you for your support ! CryptoCheck
Short
by CryptoCheck-
44
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.
Short
by Weshareio
4
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.
Long
by Technical_AnalystZAR
1
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.
Long
by Timonrosso
3
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.
Long
by saintprincevvs
1
USDZAR analysis with the rand to strengthen to R15.90?Right off the bat, I normally get short analyses wrong with USD/ZAR. But the system is the system, so I have to keep to the rules. Since the trade hit my first target at R18.90, it's been forming an Inverse Cup and Handle. Now the price has broken below, which means the USD is likely to weaken from here. The indicators however are conflicted. 7>21 (about to cross) Price >200 - But the price could also drop below it entering a downtrend RSI<50 Target 1 for this analysis is an absurd R15.90. Let's see how this plays out. For argument sake, I hope it's right this time. Paying 27 US Dollars for 2 Prime cans was not the best investment of my life. And I know, I got ripped off!
Short
by Timonrosso
USDZAR | Weekly | UpdateUSDZAR | Weekly Looking to the left on USDZAR based on my initial analysis, we notice that we he had a target for USDZAR at 21.2xxxx - 21.5xxxx after which we saw USDZAR rally all the way up to 19.93xxx creating a new high for the USDZAR we saw it fail to break above our 20.xxxxx psychological level. After failing to break above the 20.xxxxx level we noticed the ZAR “try” to recover it’s losses against the USD creating or current base as after falling from around 19.93xxx we can see the USDZAR finding support at 18.08xxx and bouncing up from there and currently trading above our 18.5xxxx Psychological level at 18.7xxxx. Looking to the right, if USDZAR fails to push down and break our support at 18.08xxx - 17.74xxx we can consider that area as our new base and we can expect the USDZAR to push further up and may potentially break our 20.xxxxx psychological level while still expecting it to head up to 21.2xxxx - 21.5xxxx.
Long
by mosa_moshka
#USDZAR eyeing 17.90-18.00 and 200dma once again?Some phenomenal strength against the USD after almost touching the 20.00 mark. Particularly interesting is how the pair barely managed to put up a fight at the important 18.50-18.60 level which was very strong resistance before the breakthrough. This bodes well for the zar but next up we have the 200day ma at around 17.90-18.00 which has been rather sticky in the past and zar bears will likely fancy their chances to sell zar at this level.
by MarcoOlevano
5
USD/ZAR (The overdue pullback is here) View On USDZAR (6 June 2023) USDZAR is in * Down in short term (Intraweek) * UPtrend in Mid term (Intramonth) * UPtrend in Long term (Last 3 months) USDZAR is in the strong up trend in recent months/year and it shall be about to change for now. I am expecting some pull back in USDZAR and it might be better to stay in the Short side for a while. 18.2~18.5 will be a nice support region. DYODD, all the best and read the disclaimer too. Feel Free to "Follow", press "LIKE" "Comment". Thank You! Legal Risk Disclosure: Trading crypto, foreign exchange or CFD on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to trade foreign exchange you should carefully consider your investment objectives, level of experience and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor.
Short
by SonicDeejay
3Q2023 USDZAR weekly timeframeBack in January I predicted that the USDZAR pair will climb to the 2020 high of 19.35 if the rand fails to hold the pair below the critical support rate of 16.80. We’ve seen this move play out, and then some, which saw the rand slide to an all-time low of 19.90 this week as the pair completed its 5th major impulse wave. Now it’s time to look at what lies ahead for 2H2023. The critical rate to watch is at 18.66, the blue 38.2% Fibo retracement rate… Based purely off the Elliot wave theory I predict that the pair will fall into an ABC corrective pattern in 3Q2023, similar to the corrective pattern we saw in the 4Q2022. The first support range (S1) for the pair sits between 19.15 and 19.35 (the blue 23.6% Fibo retracement rate and the 2020 high). A break below this range will allow the rand to pull the pair onto the blue 38.2% Fibo retracement rate of 18.66. A move into support range 2 (S2) will complete wave A of the ABC corrective pattern. Support range 2 coincides with the bottom of the blue upward channel that the pair is currently trading in as well as the top of the previous third impulse wave. I don’t see the rand gaining enough momentum to pull the pair below support range 2 at this stage. Thereafter, the pair will retest S1 as it flips from a support to a resistance and the ABC corrective pattern will be complete after the pair falls back onto the critical support rate of 18.66. A break below 18.66 in the 4Q2023 will allow the rand to pull the pair out of the current upward black parallel channel and into support range 3 (the blue 61.8% Fibo retracement rate at 17.92 and the bottom of the ABC corrective wave at 17.67) which coincides with the 50-week MA currently at 17.64. This scenario is the best-case scenario for the rand in my opinion. For the rand to pull the pair below S3 we would need to see another strong bull market in the commodity cycle. Conversely, if the critical support at 18.66 holds its ground the pair will remain in the upward black channel which will send the pair higher in the 20.00’s. Weekly technical indicators: The weekly RSI suggests that the rand is heavily oversold at the moment which will allow the rand some breathing room, on paper. The weekly MACD is still holding a strong buy signal, but it is showing signs of fizzling out and rolling over. Overall, the technical indicators are supportive of a rand pullback into S1 and possibly deeper into S2. We have to wait to see how the market digests the NFP’s print later today but as it stands the pair could generate a hammer candle which will indicate the top of the current wave, which is also supportive of some relief for the battered rand. Fundamental factors: The fundamental factors are unfortunately stacked against the rand. I’ll start with the factors I deem as rand positive. Rand positive: • For those familiar with my USDZAR ideas, I always look at the price of precious metals, particularly platinum as SA is the world’s largest platinum producer by a country mile (I’ll do a separate idea on platinum and link the idea in the comments). The platinum price topped out around $1130/ounce this year in April and has fallen roughly 12% since then. The metal is however finding support around the $1000/ounce level which is positive for the rand and platinum. The price of platinum looks set to remain supported by the fact that the platinum market is expected to remain in a substantial deficit this year, largely due to the sanctions imposed on Russia and SA’s mining production constraints largely caused by the current electricity uncertainties. (www.reuters.com) • Regarding the liquidity landscape and US monetary policy, it seems as if global financial conditions are easing, and excess liquidity is rising, which will allow the rand to hopefully attract some foreign fiat given the rand’s carry trade appeal. Short-term rates seem to be peaking not just in the US but globally. Once global rates have peaked, it will allow the market to price in a future cyclical upturn for the US economy. Longer-term yields will capture this sentiment by moving higher as investors will prefer riskier assets (such as the rand and SA bonds) to reap the rewards on buoyant liquidity conditions. The US debt ceiling debacle will also be resolved soon which will bring investors at ease that more fresh liquidity will hit the markets. Rand negative: • The rand negative factors are largely due to the ongoing geopolitical factors, but before we get into that I’d just like to touch on SA’s trade balance. Earlier this week SA’s latest trade balance results were released, and the trade surplus is fizzling out. The last three trade balance totals were R10.71 billion, R6.30 billion and the latest balance stands at R3.54 billion. This decline in SA’s trade surplus is rand negative. • In terms of the geopolitical landscape and SA’s electricity uncertainties things aren’t looking pretty for the rand. The SARB’s Financial Stability Report from May 2023 did not make for pretty reading. The major idiosyncratic risk, which is still fresh to market participants, is the deterioration of SA’s diplomatic relations with the US following the comments by the US Ambassador to SA on 11 May 2023. Despite the claims being baseless, SA’s non-alignment stance in the conflict in Ukraine is hugely rand negative. The SARB highlighted the risk of secondary sanctions which could be imposed on SA due to the neutral stance. US Secretary of the Treasury, Janet Yellen, also explicitly warned SA when she visited back in January this year, to take the sanctions imposed on Russia seriously. Coupled with the Financial Action Task Force grey listing of SA financial institutions in February this year the potential implications for the SA economy are severe. If secondary sanctions are imposed on SA, it will make it impossible to finance any trade or investment flows, or to make or receive any payments from correspondent banks in US dollars. Furthermore, more than 90% of SA’s international payments, in whichever currency, are currently processed through the Society for Worldwide Interbank Financial Telecommunication (SWIFT) international payment system. Should SA be banned from SWIFT because of secondary sanctions, these payments will not be possible. • Additionally, the SARB highlighted SA’s electricity uncertainty and deteriorating rail and port infrastructure. In connection with the declining infrastructure is the amount of State-Owned Enterprise (SOE) debt relative to SA’s emerging market peers. SA has one of the highest SOE debt among emerging market currencies and as the government takes over the SOE debt the local tax payer and bond investor will have to foot the bill. • The above-mentioned factors have led to a mass exodus of funds out of SA and as mentioned earlier, local investors will have to absorb the sell-off from foreign investors. The proportion of SA Government bonds held by foreign investors has declined from 42% in April 2018 to 25% in February2023. If you got to here, I highly appreciate you taking the time to read and review my idea <3. I’ll update this idea as 3Q2023 progresses.
by Goose96
3
USD/ZAR pre SA GDP printThe rand has now posted convincing gains in the past three sessions off the back of an increase in global investor risk appetite following a strong US NFP’s print on Friday and the conclusion of the US debt ceiling debacle. An ABC corrective pattern seems to be the most likely move for the pair at the moment as per my previous idea linked below. The rand has managed to pull the pair into the first support range (S1 on the chart) and the 23.6% Fibonacci retracement level is now firmly in the rand’s crosshairs. A break below S1 will allow the rand to pull the pair onto the psychological rate of 19.00. The rate at 19.00 is will probably show some strength but I expect the rand to pull the pair lower onto the 50-day MA rate of 18.64 which coincides with the 38.2% Fibonacci retracement level and the bottom of the current upward channel. Looking at the fundamentals there is not much supporting the rand but the expected increase in debt issuance from the US following the raising of the debt ceiling will allow risk assets such as the rand to soak up some fresh dollar bills. The 1Q2023 South African GDP results will be released tomorrow and expectations are for a year-on-year 2.2% growth print, up from the disappointing results of 0.9% in the 4Q2022. A print in line or higher than expectations will boost the heavily oversold rand, but we’ll have to wait and see how the SA economy fared given the low electricity supply in the 1H2023. In terms of the technical indicators, there is a cross over sell signal on the daily MACD and the RSI is trending lower with plenty of room to drop before hitting oversold levels.
Short
by Goose96
TARGET reached for USDZAR unfortunately to R19.80!It was written in the charts. The USD ZAR formed the Symmetrical Triangle on the daily. The price consolidated and squeezed until it reached the Apex. Then because the prior trend was up, the breakout was up and lead to a continuation in the trend. The price then went to a dire R19.80! Let's hope it forms a Buy Side Liquidity order block for Smart Money to sell into and bring the price back down. But with what is going on with South Africa coalescing with Russia and with Eskom's issues, the confidence rate is dropping hard... Sorry South Africa. The most beautiful country with amazing people and the government is messing it up!
Long
by Timonrosso
1
An Unexpected Twist: ZAR Might Gain Strength When Least ExpectedIn this different trading idea, we want to bring attention to a potential shift in the USD/ZAR currency pair that goes against popular belief. Despite widespread negativity, we see a chance for the South African Rand (ZAR) to gain strength against the US Dollar (USD). While USD/ZAR has been bullish (going up) for a while, there are signs that things could change. Looking at the monthly chart, we notice some technical factors pointing to a possible turnaround for ZAR. These include elliot wave analysis and a strong trendline formed on the monthly timeframe Remember that trading against the crowd comes with risks, so it's important to manage those risks wisely. Develop a plan that considers potential market reversals and unexpected events. Pay attention to important price levels and use stop-loss orders to limit losses if needed. While others might dismiss the idea of ZAR gaining strength, thinking differently can sometimes lead to unique opportunities for traders who are willing to explore alternative possibilities.
Short
by Abdulkadir2205
1
USDZAR | Monthly Chart | Outlook USDZAR as we can see that it recently broke a crucial level around 18.50xxx during the course of this month creating new highs around 19.5xxxx. Looking to the right we can see the if USDZAR closes above 18.50xxx at the end of May, we can expect USDZAR to push further up to touch 20.50xxx - 20.70xxx before attempting to come back down to settle around 17.5xxxx - 16.2xxxx. Given the current economic climate of South Africa and all the challenges the country is facing, the overall out look still seems bleak for the ZAR and we can expect to see it weaken further against most if not all major currencies as it ventures further to new historic lows/levels.
Long
by mosa_moshka
7