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ZARUSD

USDZAR short term short and long term longThis one made a big rally the past weeks, even getting above that green zone on the left without hesitation. Now it has some resistance from that channel, but because the move up was so strong, it is becoming more likely that it will break sooner or later. Normally we should see it make a healthy correction first the coming week or so. On the right we can see a possible double top, normally it should stay below the green zone. The max should be around the red zone. Previous analysis:
by botje11
2
USDZAR Bullish Wedge, Part 2Sometimes i just get really scared of myself :) Anyway, so far going almost perfect. The entries are already in since the bounce up was so strong this time. I have added a third entry for this game plan, that is if we see a daily close above that red zone, i will add even more to this position if we see something like a bull flag happening. If this plan works out, i will take profit in 4 parts towards the target, but leaving 25% open with a tight stop below it, just in case this wave up would get extended. Previous analysis:
Long
by botje11
22
Zar strong bullish correlationThe zar has a strong correlation with both RIO and BHP two large gold mining companies with major assets in SA. Both of these companies have strong bullish trading symbols as gold is becoming more of a buy as the dollar weakens (gold is a safe haven for dollar holders).The USD is dropping surrounding a lot of political turmoil and uncertainty in the US along with other factors. People are jumping into gold as a safe haven. This is double reinforcement on the upward movement of the ZAR.
Long
by barrenwuffet
ZAR/JPY 4H Chart: Climbs towards 8.40ZAR/JPY 4H Chart: Climbs towards 8.40 The South African Rand is actively appreciating against the Japanese Yen in a one-month long ascending channel. The pattern represents a part of a larger falling wedge formation. Accordingly, the surge is expected to continue. This assumption is supported by the rising 55-, 100- and 200-period SMAs that are moving along the lower trend-line of the channel. In addition to that, 51% of traders are bullish on the given currency pair. On the other hand, there are two alleged resistance levels located at the 8.395 and 8.456 marks that might not only halt the surge but also lead to premature turnaround. However, this scenario is unlikely to materialize without some relevant fundamental event that would to spike a demand for safe haven asset.
by UnknownUnicorn890690
USD/ZAR 1H Chart: Channel UpUSD/ZAR 1H Chart: Channel Up The American Dollar is strengthening against the South African Rand in a short-term ascending channel. The pattern started to form two days ago after a sharp appreciation of the Greenback by 1.8%. Since there were no fundamental events that day, the surge most probably was attributed to combined support level set up by the 55-, 100- and 200-hour SMAs as well as the weekly PP at 12.9962. At the moment, the currency exchange rate is approaching the channel’s bottom boundary that is backed up by the weekly R2 at 13.2383 and the monthly PP at 13.2254. The pair is expected to make a rebound and resume the surge with the ultimate goal to reach the weekly R3 located at the 13.3730.
by UnknownUnicorn890690