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U.S. Dollar / South African Rand

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USDZAR trade ideas

USDZAR, dailyUSD is in bullish momentum moving toward Resistance level at R18.3042 against the ZAR. The South Africa Rand (ZAR) has been under pressure following hawkish comments from the US Fed officials last week couple with hotter than expected US Producer Inflation figures (PPI) that were released on Thursday. Markets are now anticipating the US Fed to act more at its March 2022 FOMC Interest Rate Decision. The pricing probability of the US Fed interest rate decision has increased to 18.1% for a 50Bps hike vs previously being priced at 9% probability. R18.5638 is a key resistance level.
by Exness_Official
1
RAND VS DOLLAR (Technical & Mental perspective)The dollar currency has showed signs of strength, rejecting price level @100.4815, Which is also the 0.618% (discount) Fibbonnaci level, measured from the January 2018 Low @88.1967, to the High @114.728. Now we can agree that the Dollar could surge even higher from the price, however the dollar to the rand exchange rate has neared it's 3 month High @18.58420. The dollar should be slowing down on its rally and could/will make new highs but In slower and less volatile market moves - signalling a shift in market structure and fear brewing in the market. Speculators like you & I may perceive the dollar to rand exchange rate as expensive or too high that will lead to many closing or locking positions. Leaving the markets with minimal buying - side pressure and more sell - side pressure, causing a change in the initial direction and a shift into the market structure to a bearish sentiment. DIRECTION - INTRADAY/MID-TERM: ( from 21 Feb ) BULLISH - BUY LONG TERM: BEARISH (Weekly/ Monthly)
by mbasatrades2003
USDZARGuys this is your mentor VHT yes sir. The head and shoulder, has held guys, I'm super excited it shows spending and a lot of chat timing helps. I called the inverse H&S now it has made it's impulsive leg no need to fear guys it's gonna make/it should make a pullback to the neck line again guys so those of you who didn't get in be patient guys like I always say, the market will always respect the patient. Sorry I didn't post this trade I'm a student in my final year so there has been a lot of work guys. But I'm committed to you guys. This is VHT your mentor signing out ✌️ ✨️
Long
by Victor_Hunter_Turner
SELL setup on $ZAR1W or HTF I think we're in a corrective move that might print out a continuation correction/bull flag where as if drop to 1D market print out double top to push down/sell off and give us a 3rd touch for 1W correction. Let's do top to down analysis check out what we've on 4H market reach area of value in an ascending channel followed by impulse up and impulse down which is a clean sign for reversal. So let's wait for market to print out a continuation correction/bear flag to confirm SELL opportunities. TRADING PLAN IS YOUR TRADING NAVIGATION
Short
by market-tycoon
7
Short-term 4H chartThe rand had a tough week at the office last week which saw the local unit depreciate roughly 2.37% against the dollar. Risk-on sentiment gained some enthusiasm following Powell’s speech on Tuesday which hit the right notes regarding the Fed’s self-proclaimed victory over inflation. The sentiment however soured after US CPI numbers for the month of December were revised higher later in the week. The combination of negative local factors and the dampened risk-on sentiment saw the pair break past the critical resistance rate of 17.83 (blue 61.8% Fibo retracement rate) to touch the November 2022 high of 17.95. Tuesday’s US CPI results for January most definitely has market moving potential which could put the rand back on the ropes but there is potential for the rand to attempt to get the pair back below the critical rate of 17.83. The bearish divergence on the 4h RSI and the rising wedge formation is signalling a move lower towards the neckline of the upward channel and the 23.6% Fibo retracement rate at 17.70. I’m planning to drop some sell-limit orders above 17.85 with a take profit area between 17.60 (blue 50% Fibo retracement rate) and 17.70. There is every possibility that the rand could pull the pair as low as the critical support at 17.50 (orange 23.6% Fibo retracement rate as mentioned in previous ideas) depending on how markets digest the latest US CPI results on Tuesday, but I don’t see the rand maintaining rates below 18.00 for too long given the current macro backdrop. A failed break below 17.50 could see the pair climb back to the 2022 highs in the 18.50’s. (I'll post a longer-term daily and weekly timeframe idea during the week. I'm bearish on the rand over the longer-term)
Short
by Goose96
6