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SOUTH AFRICAN RAND / U.S. DOLLAR

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ZARUSD trade ideas

Rand looks like is about to fallThe Rand has been range bound against the USD dollar Between the R18 – R17.90 support zone and R19.30 – 19.60 resistance zone. In the last couple weeks, the Rand printed two inverse hammer candles. Those inverse hammer candle to me signal that the Rand buying that brought the price back to the R18-R17.90 support zone. Is slowing down and losing some strength. Couple with that a bullish divergence pattern. Signal to me that the Rand is about to turn against the Dollar. Back to the R19.30 resistance
by VillageTraderZA
1
ZAR optimismThe rand is enjoying its post-election optimism and the broad-based decline in the dollar is adding strength to the currents. A break below the 18.12 support will confirm the move lower towards 17.86. The fact that the pair tested, but couldn’t hold, levels above the 61.8% Fibo at 18.56 and the 50-day MA at 18.38 is rand positive coupled with the fact that precious metal and copper prices are holding firm. Locally, the markets have the latest SA mining and manufacturing results for the month of May to look forward to which are expected to come in strong off the back of another month free of loadshedding!
Short
by Goose96
Bullish bounce?USD/ZAR is falling towards the pivot and could bounce to the 1st resistance. Pivot: 18.1317 1st Support: 17.9290 1st Resistance: 18.4709 Risk Warning: Trading Forex and CFDs carries a high level of risk to your capital and you should only trade with money you can afford to lose. Trading Forex and CFDs may not be suitable for all investors, so please ensure that you fully understand the risks involved and seek independent advice if necessary. Disclaimer: The above opinions given constitute general market commentary, and do not constitute the opinion or advice of IC Markets or any form of personal or investment advice. Any opinions, news, research, analyses, prices, other information, or links to third-party sites contained on this website are provided on an "as-is" basis, are intended only to be informative, is not an advice nor a recommendation, nor research, or a record of our trading prices, or an offer of, or solicitation for a transaction in any financial instrument and thus should not be treated as such. The information provided does not involve any specific investment objectives, financial situation and needs of any specific person who may receive it. Please be aware, that past performance is not a reliable indicator of future performance and/or results. Past Performance or Forward-looking scenarios based upon the reasonable beliefs of the third-party provider are not a guarantee of future performance. Actual results may differ materially from those anticipated in forward-looking or past performance statements. IC Markets makes no representation or warranty and assumes no liability as to the accuracy or completeness of the information provided, nor any loss arising from any investment based on a recommendation, forecast or any information supplied by any third-party.
Long
by ICmarkets