USDZARIn Q2 of 2023 we saw an impulsive bearish move. Presently we have completed a bullish correction that has shifted orderflow from bullish to bearish. We have a break of key structure on the daily time frame. Presently we are awaiting a minor bullish correction targeting the FOB then resume the bearish orderflow.
Usdzarshort
USDZAR ANALYSIS FOR THE WEEK (starting 20/05)USDZAR has been bearish for quite some time now, breaking several structures downwards too. On both the weekly and daily TFs you can see some imbalance downwards which seems to be attracting the price further downwards to demand.
From what I can see on the 4H - price has actually respected previously created blocks, especially after the most significant break (the one that broke the low on the daily) making me wonder whether it’ll continue to do so while continuing it’s downwards push to demand.
USDZAR is bearish and I’d only short.
TP1: 17.86800
Final TP: 17.66375
USDZAR 2023 Yearly Structure OHLC [Sell Setup] Alert!🚨🚨🚨USDZAR 2023 Yearly Structure
OHLC Alert!
There is a significant bearish divergence observed in the monthly time frame, starting from February 1st, 2016 , up until the current market price on May 1st, 2023 . This bearish divergence indicates a growing dominance of sellers in the market. Additionally, the price in the monthly time frame indicates a high opening for the current year of 2023, presenting a clear sell setup in formation.
Price is being rejected at 19.86470 , providing an opportune moment for selling. An ideal sell trade would occur when price closes below 19.36809 , accompanied by a reliable TDI cross to confirm the presence of sellers in the market. The first take profit level is set at 18.20213, while the second take profit level targets the 2023 yearly open at 17.40263 . It is important to exercise caution and await valid entries before executing any trades.
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USDZAR 18.04960 +0.04% DAILY CHART BREAK DOWN FOR THE WEEK AHEADHELLO EVERYONE
HOPE EVERYONE IS DOING GOOD HAVING A GREAT WEEKEND.
HERE'S A LOOK AT POSSIBLE SCENARIOS THAT COULD PLAY OUT ON THE DOLLAR/ ZAR IN THE COMING WEEK.
USD/ZAR CLOSED LAST WEEK WITH SOME STRONG MOMENTUM TOWARDS THE DOWNSIDE SIGNALLING SO MOMENTUM SHIFT LEAVING BEHIND BEARISH FVG.
* We have swept previous week high and multiple day candle rejections at this level.
* Second candle being that big bearish momentum shift which probably created some market structure shift on lower time frames.
* Looking for a continuation of this move in this coming week even though we have some trendline liquidity build up.
- Looking for ZAR To take the previous lows for confirmation that we are bearish for the week.
- Tap in to the OB
* If we break below and close under the OB
- TARGET would be the FVG that is unmitigated before continuing to the upside.
lets see how it goes.
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USDZARExotic currency pairs do possess a certain allure to experienced traders in terms of returns. The South African Rand (ZAR) has been battered lately due to macroeconomic data and political upheavals experienced lately. These geopolitical and economic risks are correctly priced into the market
Using the smart money concepts, we are witnessing a return to a previous supply established in 2021 and an elimination of price inefficiency. The risks highlighted above only serve to drive the price back to the identified supply.
Currently, we do not have a confirmed set up though market data indicates we are likely to witness a breakout in the coming weeks. On the Daily chart, we are waiting for a break of the daily structure at the 18 price handle. Once this is confirmed, we expect a retracement to the confluence of fresh supply and liquidity sitting at an 18.5 price handle. At that price, we will place our sell orders targeting the downside 17-16.5 price handle. Should the price fail to break lower after consolidation and instead breaks higher, this set up is declared invalid and we shall adjust accordingly.
USDZAR possible drop to support level!Currency Pair : USDZAE
Possible direction : Bearish
Technical Analysis : Price has formed multiple liquidity grab on the 4h timeframe after an strong impulse from the resistance level. As long term trend is bearish, highly likely this price will continue to drop to support level
Possible trade recommendation : Bearish as per chart sketch
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