USDZARA fully formed Head and Shoulders pattern,coupled with recent strength on the Dollar, we expect the price to break the neckline this week ,confirming the bullish breakout.
ZAR
Down move on SASOLJSE:SOL has broken out of a triangle pattern, signaling a short position. If it continues down, I think we could see a move towards the 22500 support region.
Inverted Head & Shoulders on ProsusJSE:PRX has formed an inverted head and shoulders pattern. With a break of the neckline we could see a move to the target at around the 160000 resistance level.
Kumba - Hammer at Support LevelTwo days ago, JSE:KIO formed a hammer candle and this was confirmed by yesterday's price action. A hammer is a bottom reversal signal and I think we could see a move upward towards the 52000 resistance level.
H&S on NedbankA slightly ascended head and shoulders has formed on JSE:NED . If this pattern plays out, we could see a move downwards to the target at around 13000 support area. This coincides with a breakout of the ascending channel that happened on the 9th of November.
Multichoice Group downward turnJSE:MCG is showing signs of downward momentum and I think we could see a downward move towards the 10200 support level.
Bullish Engulfing on VodacomA bullish engulfing candle has formed on JSE:VOD based on Friday's price action - it formed at a reasonably strong support level. The momentum indicators are all showing upward momentum so I think we could see a move towards the previous high at around 15100
BTI - Parallel Channel with upward momentumJSE:BTI is trading in a parallel channel and has recently bounced off the bottom on its way up. It is also showing some nice upward momentum. I would say that we are looking at an upward move towards at least the 55000 level if not further up towards the top of the channel.
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.
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.
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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.
FSR Moving upwardsJSE:FSR has recently bounced off a strong upward trend line. Based off of this as well as the momentum indicators which are all showing upward momentum, I think we could potentially see a nice upward move towards the resistance level at around 7000
USDZAR ABOUT TO MOON DONT MISS!Reversal pattern been forming for months now and at last we have a BOS looking for this too moon
EURZAR on a perfect 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.
Capitec - trend-line bounceJSE:CPI has tested a trend line multiple times since last October. It is currently bouncing off of this line again and we could see an upward move if it doesn't break through downwards. The stochastic and the MACD are both confirming this momentum. The EMA's briefly crossed yesterday, but have since uncrossed again. If it breaks above yesterday's levels, I will enter a long position.
ANH showing upward momentumJSE:ANH has recently bounced off a strong support level and seems to be moving upwards for the time being. The stochastic and the MACD both crossed upwards on the 21st of October and the two EMA's crossed over yesterday. These are all signs of upward momentum. I think we can see a move to at least the 90000 resistance level.
Room for a retracement on Clicks?JSE:CLS has been on a good run lately and has continued to form new all-time highs up until the previous high on the 22nd of September. At the same time, it has been consolidating sideways mostly since mid August. With today's downwards price action, we have broken out of the bottom of the consolidation area. If this downward momentum continues, I think we could see a retracement down towards the .5 or .618 Fibonacci levels before turning again upwards to potentially form new highs. Let's see what happens.
Goldfields Upswing coming?JSE:GFI is showing some signs of a change in momentum. We have been in a downswing since June this year and I think we could potentially see a move upward. It is currently bouncing off of a strong support level and if not a complete reversal, I think we could at least see a retracement upwards before continuing downwards. I will wait for the two EMA's to cross in order to confirm the upward move before entering.
USDZAR weekly swingThis set-up speaks for its self
should we get the weekly candlestick to respect the trendline
we could see buy movement for the rest of October towards November
Fellow South Africans bread will cost R90 By the time we end this year :]
Should traders be watching Inflation data this week? Definitely!Inflation data from outside the US should pique traders interest this week. Several major economies will be reporting on actual inflation figures experienced during September 2021.
Will they match their forecasted values, or will the data follow US inflation and surprisingly creep upward?
Who should be watching the inflation data?
Traders of the Great British Pound, South African Rand, Euro, Canadian Dollar, and the Japanese Yen should circle these dates in their economic calendars.
Why does the Inflation data deserve special attention this week?
While inflation data is usually closely watched, the surprising inflation figures released in the US last week means traders should be extra vigilant with their inflation watching.
Last week, the US inflation rate (September, YoY) surprised the market by beating expectations. Inflation in the US was expected to report at 5.3%, level with the rate reported in August. However, the actual figure arrived ten basis points higher (5.4%) and returned inflation to the 13-year high seen a month earlier in July 2021.
As it stands, Trading Economics is forecasting inflation in the US inflation rate (October, YoY) to rise another ten basis points to 5.5%. If inflation were to cross 5.6%, a new 30-year record would stand (US inflation Jan, YoY, 1991 was 5.7%).
Calendar Dates to Circle:
United Kingdom, GBP,
Inflation Rate YoY September
Wednesday, 7:00 pm (NZDT)
What is the forecast for Sep: 3.2%
South Africa, ZAR,
Inflation Rate YoY September
Wednesday, 9:00 pm (NZDT)
What is the forecast for Sep: 4.9%
European Union, EUR,
Inflation Rate YoY September
Wednesday, 10:00 pm (NZDT)
What is the forecast for Sep: 3.0%
Canada, CAD,
Inflation Rate YoY September
Thursday, 1:30 am (NZDT)
What is the forecast for Sep: 4.1%
Japan, JPY,
Inflation Rate YoY September
Friday, 12:30 pm (NZDT)
What is the forecast for Sep: -0.4%
Potential Fib Retracement on AMSJSE:AMS has been trading in a downward trend since March this year. For basically the whole month of July, it made a retracement all the way up to the 61.8 Fib level. It then went down again to form lower lows. It is currently bouncing off a very strong support level and is looking like it will make a retracement again before continuing downwards. My prediction is that it might go up to the resistance level which coincides with the 50/61.8 Fib level. Let's see what happens.
USDZAR ReversalThe USDZAR is at a confluence zone of trendline, resistance and retest of broken channel. We can sell the USDZAR with proper risk and trade management.
Thanks and good luck.
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USDZAR Buy Hi All,
Inverse H&S has presented itself on this pair and we will be looking to activate our long position until Jan 2022.
Entry and Sl marked.
Likes and comments welcome.
USD/ZAR Bearish TrendThe bearish trend has been followed. Although some adjustments/corrections are there but the trend seems to follow.
Short selling with a prudent stop loss advised.
