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Usdzartrading

USDZAR: Long term Channel Up preparing the final rally.USDZAR is trading around the 1D MA50 on neutral technicals (RSI = 45.374, MACD = -0.003, ADX = 21.007) but on a long term Channel Up for the past 2 years. This current consolidation has been the accumulation period in the two bullish legs prior before the final rally to a Higher High. This is our buy entry and we aim at the top of the Channel (TP = 21.000). ## If you like our free content follow our profile to get more daily ideas. ## ## Comments and likes are greatly appreciated. ##
Long
by InvestingScope
USDZAR WeeklyThe best time to analyze the market is when its closed. After a analyzing the weekly chart of USDZAR, I think this market could continue its overall trend to the upside. The market is currently under the 14MA, meaning this market is selling. Lets compare last week engulfed sell candle compared to this week. WHERE IS THE SELLING MOMENTUM? It does not make any sense for this market to have amazing selling power last week and this week it died down. Consistency is key and this market is NOT consistent in the selling momentum. Looking at this market, I am expecting USDZAR to continue to travel towards the upside and I am expecting this market to break the highest high 19.06 continuing to go higher. We will see :)
by Vanaaad
6
BREAKING: #USDZAR to R24 per US Dollar by 2030The days of gloom lie ahead for the South African economy. Very optimistic for a South African citizen right....? NAH! Let me begin with a disclaimer: firstly I am a proud South African citizen and secondly I'm a Market Technician by profession. My job as a Technical Analyst is to study financial instruments or charts using time tested principles to deduce an understanding of the behavioral patterns of any market historically. I have no choice but to remain objective and true to the laws and principles of my profession because the market doesn't care about how I feel about my country. I want my country to prosper, I want to see the currency strengthen over the years, and perhaps sometimes it will take a simple chart like this that may reach some senior citizens and guide them to make different decisions for a better and stronger economy. Now let's begin. USDZAR is currently trading in dangerous territory below the R18 resistance. The good news is that the bears are at the advantage to defend the R18 price to drive the downward trajectory agenda. The defense of the R18 resistance may see a 20% gain in the South African Rand to around R14 to the US Dollar and failure to defend the R18 price may see the Rand tumble a staggering 33% to R24. Ideally I am expecting a medium term pull back of 20% gains for the Rand to the March 2011 trendline support. The March 2011 support is very dangerous and may set the market on rocket speed to a multi-year depreciation of the Rand of 70% loss against the US Dollar to R24. We should see these movements happen within the decade by 2030. The push to defend the R18 price as well as the 20% gains to R14 in the medium term gives South Africa a fighting chance against the Goliath because it presents the opportunity to even break the March 2011 support for further gains. This is the scenario that I hope to see fulfilled but only time will tell.
by SilasMorerwa