Here is my take on the USDZARI have been looking at this trend and here is my take on what the Rand will most likely do in the next couple of days.
Usdzarforcast
USDZAR ShortClassic Head & Shoulder Pattern
Wait for the neckline to be broken, a candle must close with the neck line broken - that's the signal candle.
Share your thoughts!
South African Rand in troubleThe South African Rand appears to be in hot water.
Long term technicals point to a correction which underpins an ever weakening rand over the next few years.
The trend scores an obvious outflow of capital with low investment potential.
Perhaps its time to retire the good old 'gravy train'?
Good governance leads to strong investment. I wonder how that lesson can be learned.
USDZAR - strong resistance - SHORTNot much to say, everything on chart.. short for quick profit
1. Very strong resistance on fib levels, getting rejected everytime
2. long term bullish but enjoy the small dip expecting to 0.5 or 0.618 level dip
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Regards,
Vinny
USDZAR setup - Ratings Decision on FridayInteresting setup on USDZAR - Ratings decision on Friday Evening.
For reference on setup - read this article .
Inflection points identified in yellow shades, interesting volume profile on both the 30min and 1D. Thin volume at current price level, could help the velocity of the bounce!
With thanksgiving in the US, we might see a turkey-shoot!!
Anyway Juicy Setup@!
USDZAR LongPrice is approaching a significant demand level which was previous supply level
Demand levels drawn are validated by volume
H4 basic wedge viewa basic view 44
is in a wedge waiting to breakdown or breakout
nit have every support and resistance on the chart
he also broken down a 1h uptrend line
USD/ZAR 1D Chart: Symmetrical TriangleUSD/ZAR 1D Chart: Symmetrical Triangle
The American Dollar is trading against the South African Rand in a symmetrical triangle pattern that started to form after a 12% appreciation of the buck in the end of May.
At the moment, the figure consists only of five confirmation points, which means that the current formation might sustain up until October.
On the other hand, the July’s fail to reach the lower support line allows redrawing boundaries of the pattern.
In that alternative case a breakout might happen already by the end of August.
Most probably, the currency rate is going to choose a southern direction, as the opposite side is reliably secured by the 200-day SMA.
Moreover, such course would allow the pair to continue to fluctuate within the senior formation.
USDZAR upside potential breakoutDollar recovery and political chaos in South Africa, might give a breakout. Technical ready, target 13.81.
ZAR to strengthen - bearish trend to continueThe South African Rand seems to gain some traction against the greenback. It's expected that the South African Rand will strengthen to approximately R12/$. There is a possibility of a retracement to the support turned resistance at 13.2000 level which also corresponds with a 50% Fibbonachi retracement level on the 4 hour chart. If it doesn't pull-back, I'll short when it passes through 12.9000 again
USD ZAR explosion about to happen (Post trump inauguration)1 To go up if markets already priced in trump uncertainty post press conference.
2) To go down (forecast is actually conservative so, expect even lower reaches) if market hasn't priced in trump uncertainty.
Trump has no real policies and markets may see this when he's confirmed.
2 seems most likely but things have been a bit weird around trump, so expect 1 as well. Moves to start Friday and to take off Monday.
