H&S and Resistance BreakoutJSE:AGL has broken through a strong resistance level and is making higher highs. At the same time, an inverted head and shoulders chart pattern was formed. It is looking good for a long move.
ZAR
USDZAR H4Price has broken out of the descending trendline / downtrend along with structure. Price has now pulled back to make a HL & retest broken resistance as new support now, where I will be watching for a reversal back to the upside to resume the uptrend & make a new Higher high next.
"UsdZar: Top and Bottom Analysis" by ThinkingAntsOk4H Chart Explanation:
- Price broke the Ascending Trendline.
- Price is above the Support Zone.
- Price is developing a Correction.
- If price breaks the Correction and the Support Zone, it has potential to continue its down move towards the Support Zone.
Weekly Vision:
Daily Vision:
Updates coming soon!
1D CHF/ZAR SHORTCHF/ZAR has broken down outside of an ascending channel.
If price retests the resistance, I will be looking for a short opportunity.
NPN - Bullish EngulfingJSE:NPN has a bullish engulfing candle at a support level which could indicate a turn upwards. The stochastic is also confirming so we could be looking at a long position.
Multichoice possible turnaroundJSE:MCG has formed a bullish harami and is looking good for a turnaround into a long position. If it trades above Tuesday's high I will enter long.
NED - Struggling at SupportJSE:NED failed to break below support with yesterday's price action. It seems to be forming a bullish harami at the moment, but we'll have to see what happens towards the end of the day. If it doesn't break lower, I will consider a long position.
USD/ZAR IdeaCurrently the price is in the no-trade zone, however, a break from the descending triangle pattern will give us a confirmation for going short
MTN turning pointJSE:MTN is bouncing off a string support level and could turn for an upward move. Stochastic is confirming the momentum.
MRP - Gap CloseJSE:MRP has entered into a gap that was formed on 21 November. As we all know, the market likes to close gaps, so we could see a small downward move towards gap close.
Anticipating a bounce on ABSAJSE:ABG is trading at quite a strong support level. If it fails to break through and bounces off support, I will consider entering a long position. The stochastic also looks like it is gearing up for a turn.
Alternatively, if it breaks through support and forms lower lows, we could be looking at a short position.
SLM - Lower lowsJSE:SLM has broken through and upward trend as well as a fractal level and is busy forming lower lows which could be a sign of trend reversal. It is looking good for a short position with lots of downward momentum.
BVT - Trend and Fractal breakJSE:BVT has broken through a upward trend line as well as a fractal level which makes it look good for a short position.
Long on BHPJSE:BHP has broken upwards through the triangle I mentioned in my previous idea. Couple with this, it has broken a fractal level, so I am entering a long position.
SGL - Bearish Double TopJSE:SGL has formed a bearish double top. It is still quite a distance a way from confirming the signal, but let's keep an eye on it for when it does confirm the short position.
BHP - Symmetrical TriangleJSE:BHP has formed a symmetrical triangle chart pattern. This is a neutral pattern, so it isn't indicating an up or down move as of yet. Once it breaks through either side, we will be able to enter a trade. Let's keep an eye on it for now.
USDZAR SHORT IDEAI'd like to see price break local support and continue to break below and reach support.
TFG EngulfingJSE:TFG has formed an engulfing candle and is looking good for a bit of an upward move until it reaches the previous descending resistance level.
USDZAR Resisting Ascending Triangle?USDZAR currently in an ascending triangle.
A lot of bad news is alredy in the rand price. Local fundimentals is unlikely to initiate a breakout above the ascending triangle.
The other side of the equation is the Dollar strenghtening which can drive the rand price breakout above the ascending triangle. The dollar index DXY has broken medium term support and if such trend persists, the triangle breakout is unlikely.
My contrarian view is for ZAR strengthening over the short term.
