USD/ZAR Forecast: USD Continues to Pummel South African RandThe US dollar initially fell against the South African Rand during trading on Thursday but has bounced quite significantly to break back towards the 16 Rand level. That is a large, round, psychologically significant figure so it does make a certain amount of sense that we will pay close attention to it. Beyond that, the US dollar is strengthening against a lot of emerging market currencies, not just this one. Finally, the omicron variant coming out of South Africa has people pulling money out of that country as a lot of travel has been restricted from there. Because of this, I think the South African Rand probably gets punished.
The jobs report comes out of the United States on Friday, so this of course will have a major influence on the greenback as well. Ultimately, I do think that this pair continues to go higher, because the breakout from the 15,000.50 Rand level was a very strong signal, and we recently had the “golden cross” that came into the picture as well. With this being the case, the market is likely going to continue to see a lot of noisy behavior, but nonetheless I do think that we have further to go to the upside.
If supply chains continue to be disrupted, money flows into the US bond market, which of course demands US dollars as well. As long as that is going to be the case, emerging market currency such as the Rand will be sold off. Another thing to pay close attention to is the fact that the market is in an uptrend anyway, so therefore I do not have any interest in trying to short this market. In fact, it is not until we break down below the 50 day EMA, currently sitting at the 15.30 Rand level that I would consider trying to fade this rally.
The volatility during the day on Friday is hopefully going to send this pair lower so I can buy it at a better price. However, a strong jobs report may send this market screaming to the upside. Furthermore, we will have to pay close attention to the entire situation when it comes to the coronavirus and South Africa, because the market seems to be in a “sell first and ask questions later” type of situation.
Usdzaranalysis
USDZAR SHORT - Sell Entry - D1 ChartUSDZAR SHORT - Sell Entry - D1 Chart
Symbol: USDZAR
Timeframe: D1
Type: SELL
Entry Price: Sell @ Market
Stop Loss: 16.35325
Take Profit: 14.85791
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🔺 For educational informational purposes only.
🔺 Analysis may change at any time without notice.
🔺 You must research and create your own trading plan.
USDZAR:Sustained Bounce Upwards Brings Short-Term DecisionAs the USD/ZAR begins trading this week the Forex pair has been able to sustain its higher short-term realm since bouncing off strong support levels last week. As of this writing, the USD/ZAR is near the 15.30000 ratio and rather interesting support persist near the 15.27000 to 15.25000 levels. While looking above, resistance seems to be near the 15.37000 mark. The question for short-term speculators is where the next cycle of trading within the USD/ZAR will move towards and a choice needs to be made.
The USD/ZAR has proven choppy for speculators and financial houses alike the past month. Global Forex results have been difficult to trade for a wide spectrum of market participants and many technical and fundamental techniques have faced challenges as important central banks and their treasuries have created nervous sentiment. The USD/ZAR was trading within sight of the 15.50000 level on the 3rd of November, then reversed lower and hit the 14.86000 mark on the 9th of November which is where support then ignited another run higher.
The USD/ZAR hit the 15.48500 ratio on the 11th of November and then declined to the 15.19000 later in the same day. Intriguingly, the USD/ZAR had another day of trading before going into the weekend and on the 12th touched a high near 15.36000 and produced a low of 15. 22000. This little piece of evidence suggests the USD/ZAR was not able to break the low seen on the 11th and its move upwards in the short term might be able to be sustained.
The USD/ZAR is near a rather solid inflection point regarding the 15.30000 value. If the USD/ZAR is able to maintain support levels near or slightly below this mark there is enough speculative technical information that suggests another move upwards could be produced which will test resistance levels. Traders, however, should not get overly ambitious and remember the choppy results Forex has produced the past month on a nearly weekly basis.
Traders may want to wager on buying positions which seek nearby resistance targets using tactical take profit and stop loss orders which work to ‘cash out’ positions which have hit their goals. The USD/ZAR appears to be headed for a rather turbulent week of trading as nervous sentiment remains strong in the global markets.
South African Rand Short-Term Outlook
Current Resistance: 15.37000
Current Support: 15.26900
High Target: 15.46900
Low Target: 15.17000
USDZAR Top-down analysis, UPDATEDHello 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 Top-down analysisHello 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.
BUYING OPPORTUNITY FOR USDZARAfter a long bearish trend for USDZAR over the past two weeks, finally, the price was able to reach the weekly support cluster. We can also see the loss of momentum as the price approaches this zone. Moreover, there's formation of a bearish channel on the zone which signifies a potential reversal. To buy the market wait for the breakout of the channel then buy on the retest.
NB; Trade carefully and wait for clear price action to enter the market as market conditions can change anytime.
What is your plan on USDZAR? Bullish or Bearish, comment below!
usdzar First time analyzing USD ZAR, but I think when the USD is involved I can trade it. Hope you look at the entry point first before entering. The rest is good, guys please check the news every time you enter because the news help us know what is really happening. Please do not forget to follow me and like my analysis.
USDZAR Intraday/ScalpYour entry criteria is also your reason for exit. Luckily, our TP was hit and immediately, started forming a falling correction. If this forms in a downtrend, 90% of the time, price is going to reverse. My second confluence is the divergence on my RSI. My third confluence is the 8 & 14 EMA cross over on the M15. Another confluence is the trendline violation. So all in all we had 4 confluences supporting the entry. Another bias here is, the setup is exactly similar to my previously posted setup on Gold.
Risk:Reward Ratio is 1:3
*Disclaimer*
This is not financial advice. Forex trading is a risky business. Trade at your own risk. Patience and risk management are crucial.
#Trade_Like_A_Magnate
USDZAR a strange reversalCurrent pullback risks to resolve to another leg down. It is strange enough since the bigger picture in cross-asset field is negative (long USDZAR usually) but the picture is the picture. I consider that as a point of weakness and abolish trap so I fully prepared to short it.
USDZAR Looks Strong Bullish We have seen USDZAR price was falling like Skyfall the last couple of weeks, and all the Bear was enjoying the fall, but now it's Bull time. If you closely see the USDZAR daily time frame, it's already breakout the downtrend channel and creates a good reversal umbrella pattern. Right now, it consolidates the support level, which is good for me for further up. We are expecting to see the price once again 15.20000.