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ZAR

BRICS currencies movement for the week – 16 October 2020A strong week for the US Dollar, with most Emerging Market currencies coming under pressure. Also look at my US Dollar Index Idea here: Despite the USD strength, the ZAR remained resilient, having some of the best relative BRICS currency performance for the week. BRICS currency/USD movements for this week: Brazil -1.9% Russia -1.1% India -0.6% China 0.0% South Africa -0.5% Euro /USD -1.7% Technically, the ZAR broke and close the week off below all four the 8-, 21-, 50- and 200-day Exponential Moving Averages (EMA), which over the shorter-term, might provide some further momentum in the ZAR. If this was a false break and we see the ZAR break and stay above the 200-day EMA (at R16.61) this week, we could see it move back to the 50-day EMA at R16.76. A break and close above this level could see the USDZAR test the diagonal resistance level at R16.85, with a break and close above this level, most probably bringing R17.10 back into play. With the runup to the US Elections, this (USD Strength) in my view can only happen if the momentum swings back from Biden to Trump, which at this stage seems highly unlikely. The 14-day RSI is not in oversold territory yet, which will have me optimistic should the USDZAR break and close below R16.50 early this coming week. Momentum is turning and very much moving back into the favour of the Rand, which tend to make me believe that we might just be testing the R16.10 levels again over the shorter-term. Watch the US Dollar Index early this week. Should you be contemplating any short-term long positions in the ZAR (short USDZAR), I would only look at doing so below 93.20 on the Index.
by SchalkLouw
3
Two buy opportunities on this chart for USDZARMid-Term Forecast: Trading suggestion: . There is a possibility of temporary retracement to suggested support line (16.545). if so, traders can set orders based on Price Action and expect to reach short-term targets. Technical analysis: . USDZAR is in a range bound and the beginning of uptrend is expected. .The price is above the 21-Day WEMA which acts as a dynamic support. . The RSI is at 53. Take Profits: TP1= @ 17.2610 TP2= @ 17.7630 TP3= @ 18.6940 TP4= @ 19.3420 TP5= @ 21.4450 SL= Break below S3 -------------------------------------------------------------------------------------------------- Short-Term Forecast: Trading suggestion: . There is a possibility of temporary retracement to suggested support line (16.784). if so, traders can set orders based on Price Action and expect to reach short-term targets. Technical analysis: . USDZAR is in a range bound and the beginning of uptrend is expected. .The price is above the 21-Day WEMA which acts as a dynamic support. . The RSI is at 55. Take Profits: TP1= @ 17.2610 TP2= @ 17.5260 TP3= @ 17.7655 TP4= @ 18.1270 TP5= @ 18.6915 SL= Break below S3 ❤️ If you find this helpful and want more FREE forecasts in TradingView . . . . . Please show your support back, . . . . . . . . Hit the 👍 LIKE button, . . . . . . . . . . . Drop some feedback below in the comment! ❤️ Your Support is very much 🙏 appreciated! ❤️ 💎 Want us to help you become a better Forex trader ? Now, It's your turn ! Be sure to leave a comment let us know how do you see this opportunity and forecast. Trade well, ❤️ ForecastCity English Support Team ❤️
Long
by ForecastCity
14
Two buy opportunities on this chart for USDZARMid-Term Forecast: Trading suggestion: . There is a possibility of temporary retracement to suggested support line (16.545). if so, traders can set orders based on Price Action and expect to reach short-term targets. Technical analysis: . USDZAR is in a range bound and the beginning of uptrend is expected. .The price is above the 21-Day WEMA which acts as a dynamic support. . The RSI is at 53. Take Profits: TP1= @ 17.2610 TP2= @ 17.7630 TP3= @ 18.6940 TP4= @ 19.3420 TP5= @ 21.4450 SL= Break below S3 -------------------------------------------------------------------------------------------------- Short-Term Forecast: Trading suggestion: . There is a possibility of temporary retracement to suggested support line (16.784). if so, traders can set orders based on Price Action and expect to reach short-term targets. Technical analysis: . USDZAR is in a range bound and the beginning of uptrend is expected. .The price is above the 21-Day WEMA which acts as a dynamic support. . The RSI is at 55. Take Profits: TP1= @ 17.2610 TP2= @ 17.5260 TP3= @ 17.7655 TP4= @ 18.1270 TP5= @ 18.6915 SL= Break below S3 ❤️ If you find this helpful and want more FREE forecasts in TradingView . . . . . Please show your support back, . . . . . . . . Hit the 👍 LIKE button, . . . . . . . . . . . Drop some feedback below in the comment! ❤️ Your Support is very much 🙏 appreciated! ❤️ 💎 Want us to help you become a better Forex trader ? Now, It's your turn ! Be sure to leave a comment let us know how do you see this opportunity and forecast. Trade well, ❤️ ForecastCity English Support Team ❤️
Long
by ForecastCity
14