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ZAR

GBPZAR testing a support 🦐GBPZAR on the 4h chart is trading above a minor support. According to Plancton's strategy If the price will break below and satisfy the ACADEMY rules we wills et a nice short order. --–– Follow the Shrimp 🦐 Keep in mind. 🟣 Purple structure -> Monthly structure. 🔴 Red structure -> Weekly structure. 🔵 Blue structure -> Daily structure. 🟡 Yellow structure -> 4h structure. ⚫️ Black structure -> <4h structure. Here is the Plancton0618 technical analysis , please comment below if you have any question. The ENTRY in the market will be taken only if the condition of the Plancton0618 strategy will trigger.
Short
by InkyGrip
18
USDZARA little late posting this to be honest. However, I think this is still a good move. Double bottom on this timeframe, Mac D losing momentum on the recent pullback. Looking for 50% of the previous high for a retracement target. I'm seeing that ZAR has a stronger interest rates but I want to see if or why the USD will be or is stronger than the ZAR regardless of interest rates. Even though the interest rate are stronger on the ZAR and both countries expect hikes next year, I noticed that the unemployment rate was drastically higher in South Africa. the ZAR is facing a more stringent debt issue than we are (allegedly). If we handle our situation quicker than theirs, I could see our dollar being stronger over time. (Opinionated) check via tradingeconomics for source. Business confidence has remained stagnant with confidence in the US increasing a small amount since last report. With this info here and information sought out earlier, I would think that the overall sentiment in South Africa is low from an economic perspective. Not Advice! "It's not about being right more than it is about being smarter than your last trade."
Long
by Redimere_91
USD/ZAR ewThe pair flew to the 50% Fibo retracement level of 16.37 last week Friday following some fresh virus FUD. A daily close above the critical resistance rate of 16.37 will confirm a channel break out of the longer-term orange channel and send the pair higher towards the 71.8% Fibo rate of 17.07. The pair is however trading in heavily overbought ranges on the RSI and the virus FUD will likely ease which may allow the rand to pull the pair to calmer waters around the 10-day MA of 15.82, over the next two weeks. I'm however not getting my hopes up for a test of the critical support rate of 15.66. Lots of event risk this week, Powell babble as well as from Yellen plus NFP's. (The latest variant FUD may cause Powell to sing a less hawkish tone this week, let's see) From SA, unemployment figures and the latest trade balance. Over the slightly longer-term its seems likely that the current third wave will break the orange channel (fundamentally almost every thing seems the be in favour of further rand weakness). A failed break above 16.37 could however see the start of an ABC corrective wave in January next year.
by GustavFourie96
5
What Affects The USD/ ZAR This Week?Since we last checked in on the South African Rand (ZAR) in June 2021, the currency was appreciating toward multi-year highs of 13.37 ZAR per US dollar, previously not seen since January 2019. In the proceeding five months, leading up to the present, the USD has staged a comeback against the South African currency and is now level with the average exchange value for the first two months of 2021. Some wild swings occurred during the revival in the USD / ZAR, with many value-overshoots forcing quick corrections. That is to say, bullish sentiment didn’t last long without a bearish retracement with this pair. For the most part, retracements have been hugging close to the Fib levels. What are the factors affecting the USD / ZAR this week? Risk sentiment will play a large part in the USD / ZAR. Last week saw traders pull away from safer currencies such as the USD, indicating a risk-on sentiment was prevalent in the market. Over last week, coinciding with the start of November, the USD depreciated by 1.427% against the ZAR, squeaking below the 15.000 precipice. There are no hugely critical economic reports due from South Africa this week. However, next week the ZAR may be under pressure after announcing the Inflation rate YoY (October). Inflation is expected to increase by .2 percentage points to 5.2%, further pulling away from the South African Reserve Bank’s midpoint inflation target of 4.5%. Next week, US economic data might be worth watching, including Inflation Rate YoY (October) on Wednesday and JOLTS Job Openings (September) on Friday. Inflation in the US is predicted to get as high as 5.8% in the October reading, up from 5.4% in September. The JOLTS Job Openings should hopefully show some sign that the tight labour market in the US is beginning to loosen.
by BlackBull_Markets
1
EURZAR on a double bottom 🦐EURZAR on the daily chart bounced 2 times over a monthly support creating a perfect double bottom reversal pattern, The market after the break of a descending trendline is now moving to a weekly resistance and according to Plancton's strategy if the price will break above we will set a nice long order. ––––– Follow the Shrimp 🦐 Keep in mind. 🟣 Purple structure -> Monthly structure. 🔴 Red structure -> Weekly structure. 🔵 Blue structure -> Daily structure. 🟡 Yellow structure -> 4h structure. ⚫️ Black structure -> <4h structure. Here is the Plancton0618 technical analysis , please comment below if you have any question. The ENTRY in the market will be taken only if the condition of the Plancton0618 strategy will trigger.
Long
by InkyGrip
18