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U.S. Dollar / South African Rand

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USDZAR trade ideas

USDZAR | Weekly | UpdateLooking at USDZAR on our weekly chart we can notice that USDZAR has been failing to break to the downside as has been respecting our previously outlined levels. To elaborate further we can take note of the fact that USDZAR’s failure to break through our 17.50xxx Psychological level confirmed a new higher low on the pair after which it started rallying back up and is now trading above our 19.0xxxx price point; we can also take note of the fact that after USDZAR failed to break our 17.50xxx level creating a new higher low it gave us the opportunity to identify the formation of that bullish channel within our already existing long term bullish trend. Now looking to the right on USDZAR we can notice the possibility of it creating a new all time high between our 20.50xxx and 21.50xxx respective levels and considering the current economic climate in South Africa and the upcoming elections causing further instability in the ZAR so we could possibly see the USDZAR head towards these levels as we head into 2024.
Long
by mosa_moshka
3
South African rand in trouble - Next target R21 :(Inv H&S has formed on the USD/ZAR since 6 June 2023. The price has recently broken above the neckine, showing the US dollar is poised for upside. The DIXIE (US Dollar Index) is also showing upside to come. 7>21>200 and confirms the US dollar is going up. RSI>50 - Bullish First target is R21.00 ABOUT THE DIXIE: HOW IT’S CALCULATED The USDX is calculated by the Federal Reserve Bank of New York and is based on the exchange rates of six major currencies: the euro (EUR) – Accounts for 57.6% - ,Japanese yen (JPY), British pound (GBP), Canadian dollar (CAD), Swedish krona ( SEK ), and Swiss franc (CHF) .
Long
by Timonrosso
$USDZAR - Possible Inverse Head & ShouldersIt seems the Daily chart of FX:USDZAR is very close to reaching the neckline to complete the right shoulder of what could then turn out an Inverse Head & Shoulders pattern. This is not the pattern with the highest reliability in my view, but by the looks of it now I will not discard this possibility right away. It also seems that the MACD has now turned up and is breaking through its trigger line with a first very small green histogram visible. Despite an article I published on 12 June 2023 where I see a target decidedly lower, in other words a stronger Rand (ZAR), but that being from a longer term chart, it seems that if this pattern continues to play out, we might see the ZAR as weak as ±R20-80 to the USD in the foreseeable future.
Long
by dawievdwest
USD/ZAR: Bullish Breakout Ahead?USD/ZAR: Bullish Breakout Ahead? 1. Price Formation: The price has not yet broken out from an inverted H&S price formation on a daily chart. 2. Moving Averages: The 7-day moving average (MA) is above the 21-day MA, which is a positive sign indicating short-term bullish momentum. 3. 200-day Moving Average is below the Price. 4. Thus, Mas 7>21>200 5. Relative Strength Index (RSI): The RSI is > than 50, indicating bullish momentum and potential further upward movement. 6. Price Target: 21
Long
by Sahle