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SOUTH AFRICAN RAND / U.S. DOLLAR

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ZARUSD trade ideas

USDZAR-SELL strategy 4 Hourlythe pair has a strong rally during my trip overseas. This on the back of a weakening gold price and breaking levels. Now we are within a wider (GANN) band with downside pressures. We are below 19.3600 and next GANN support is 18.4300 area. The stochastic is in the lower end, and RSI negative too. I feel we may see little pullback, but is an opportunity to SELL. Startegy SELL @ 19.1500-19.2500 area and take profit @ 18.6700 for now. Stop loss maybe some where @ 19.3800.
Short
by peterbokma
USD/ZAR upside to R21.72 after a resistance breakout Rev C&H has formed on the USD/ZAR. If we get a slight retracement back it could be forming a Right shoulder to an Inv H&S. Regardless, this looks bearish for the ZAR and bullish for the USD. Other indicators are showing upside to come for the greenback. 7>21>200 RSI>50 Target 1 will be R21.72. Ouch for the rand. The government and load shedding is really messing with the economy of this beautiful country of opportunities and diversification.
Long
by Timonrosso
3
USDZAR The South African rand was weaker in early trade on Thursday, ahead of U.S. jobless claims data that could give hints at future interest rate hikes by the Federal Reserve. At 0608 GMT, the rand traded at 18.3800 against the dollar , around 0.33% weaker than its previous close. The dollar last traded at 102.080 - around 0.06% stronger - against a basket of global currencies. "(The dollar/rand exchange rate) is strongly biased downwards this morning but has struggled to gain any momentum and the multi-week trend still looks like it is over," said Rand Merchant Bank analysts in a research note.
by FXTJOSH
1
USDZAR BEARISH ORDER FLOWGood day traders on USDZAR as you can see the market broke the sellside liquidity and gave us a bullish market shift, then market shot up into our OB+GZ so our reason of entry here is that we think the market might tank down because it tapped into our OB+GZ and it is in premium ontop of that the market gave a BMS and did not come down to respect the FVG inside our range so that is were we will looking for price to return to ENTRY:18.96119 SL:19.01422 TP1:18.78666 TP2:18.66116
Short
by Mokgethoa_MK
1
USDZAR-SELL strategy 4-hourly chartThe pair held the previously stated 18.4350 support area, and the support of the channel lies @ 18.5400. The stochastic is high, and RSI is overbought, but both are POS still. I feel the conditions may lead to higher levels, and the strategy suggested is as follows Strategy SELL @ 18.85-18.9000 area and place financial stop. Profit order near channel support @ 18.5400 or at the time with latest support level. Note: am away for 10 days and will not update often due to travel.
Short
by peterbokma
5
The USDZAR Now in Intermediate DeclineThe USDZAR pair fell out of a parallel channel, bounced off the Pitchfork and backtested the channel. On its way down, it broke out of the major Pitchfork and also went below 20 June 2023 price, defining a cycle failure. Currently we see price recovering the 200 day moving average at a point where a median line intersects a pink support trendline, this is within time window for a half cycle bottom in this pair, we now watch how price reacts with the mid-line while being aware that price action is within a falling wedge whose resistance runs parallel to the resistance of the Pitchfork. If we overcome the mid-line we next look at the next line especially where it intersects the major Pitchfork. Where we get a strong reaction followed by a swing high will give an indication of a cycle high with expectation for price to go lower.
Short
by runyamhere