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U.S. Dollar / South African Rand

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USDZAR trade ideas

USDZAR (W1) Strong BuyHey traders, this is Rogue_Trader007. USDZAR has been my top entry since July and sorry I'm sharing this late. Strong support level at 0.786 Fib level, which is also a hidden Divergence when combined with 14 period RSI. There's also a Bullish Engulfment candle stick pattern right on the .786 fib level which indicates a STRONG reversal. This makes a great entry as it usually shoot towards the 1.272 Fib level. Making this a strong BUY. Downside: Long Term position. You might hold for a few months. ALL THE BEST!!!
Long
by Rogue_Trader007
USDZAR pre-SARBThe rand has been volatile recently due to the swings in the global interest rate expectations. The SARB will most likely act in lock step with the Fed this week which will see the SARB keep the SA repo rate at 8.25%. The rand will be at the mercy of global investor sentiment regardless of how hawkish the SARB will be, but a hawkish tone is expected to support the rand. The 4H time frame is suggestive of a lack of upside momentum for the pair which could allow the rand to pull the pair into the support range between the 200-day MA at 18.59 and 18.43. A failed break below this range will leave the rand facing an intimidating uptrend as we head into the closing stages of the year. The daily RSI is suggestive of room for further upside movement for the pair and a break above the 50-day MA at 18.90 and a re-test of the red resistance range around 19.12 is my projected move for the rand. A break below 18.43 will however allow the rand to pull the pair back towards 18.12 which will invalidate this idea.
by Goose96
USDZAR tentative Inverse H&SHere price action is showing a higher low and creating an Inverse Head & Shoulder pattern. The down trendline is plotted on the H4 timeframe and still indicates a downtrend. However, we can see that there is enough room for the iH&S pattern target projection to be reached. The up trendline connecting the head and right shoulder creates a triangle pattern so I will consider all possible moves the price can make, read the candlesticks around area of importance, and look for momentum increase before price intersect lines to help me anticipate price direction. I use candlesticks to gauge bearish/bullish momentum.
Long
by ForexCollege