ZARUSD trade ideas
USDZAR-SELL strategyThe pair is revolving around GANN support 18.8400 area, and for now, our previous shorts may be aborted and SELL again in the range of 18.8900-18.9500. This is a personal decision to make.
The stochastic is negative as well as the RSI, and pressure is likely to remain because of that.
Strategy SELL @ 18.9250-18.9700 and place stop-loss above 19. 0800 for now. Profit order Q@ 18.7850.
USDZARUSDZAR
sentiment Bullish for the week liquidity below needs to be collected below price goes higher
wait for demand to be collected before going long
USDZAR BUYUSDZAR price drops sweetly to newly established support at 18.85 early this week 11-15 September. Price recently broke out a bullish channel and this looks to me like a retest. Now would be a good time to buy and exploit the possible weekly and monthly pullback.
USDZARUSDZAR is set to continue with its uptrend following the inverse head and shoulder on the daily timeframe
USDZAR ANALYSISHello guys, this particular pair has been carefully analyzed and awaiting a pullback and confirmation for buys ..
I will only be interested in SHORT if price breaks the demand zone creating a new low with visible confirmation
GOODLUCK!!
USDZAR-SELL strategy daily chartThe pair starts showing a direction towards the south. The GANN fan provides resistance @ 19.2200 and 19.3350 area (trend line resistance).
The stochastic is negative, and this suggest lower levels to be seen.
Strategy SELL or remain or add short @ 19.1500-19.2100 and place stop-loss above 19.3350.
Profit order near 18.7300 but monitor 18.8700 support.
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.
Inverse H&S on USD/ZARLooks like an inverse head & shoulders pattern on the USD/ZAR trading pattern, I’m expecting R20.00 and higher per dollar
USDZAR- Dollar weakness creeping inThis is the second time the pair finds resistance at around 19.30. Momentum has started to shift and this time it is dollar weakness rather than Rand strength. Coming out of over-bought territory now with some proper selling pressure overnight, I expect a ZAR rally back to test at least 18.50 from here. This looks like a nice little USD short opportunity for around 60c over the weekend
USDZAR (SHORT)
Neckline of inverse head and shoulder
(predicting weakness of Dollar and the index also shows weakness.)
USDZAR-SELL strategy 4 HourlyThe pair has formed a likely "false bull flag" pattern, and usually this means a move lower after a solid break of the base of the flag. The support is 19.1600 area, and the top is 19.3650 estimated.
The potential is a move back towards 18.7500 cloud support.
Strategy SELL @ 19.2250-19.3150 and place stop-loss above the flag resistance currently 19.3750 suggested level. Profit @ 18.7850.
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) .
USDZAR 4H ForecastWe're in a bullish sequence on USDZAR, we're in a wave 3 phase which will unfold as an impulse wave. USDZAR will most likely trade bullish based on inverse correlation where XXXUSD trades on the bearish side. We can expect a minor pullback which may result in a significant buy very soon.
$USDZAR ZAR looks fragilePossible inverted head and shoulders building on the ZARUSD
Neckline is at 19,35
If that breaks 21,17 becomes a target
These head and shoulders formations usually takes a while play play out
Patience required
USDZAR-SELL Strategy 4 Hourly chartThe pair has moved according to expectation, and now it feels we may stall little bit. I will still be a little careful since GOLD has weakened and may weaken further more.
Strategy is SELL @ 19.2250-19.30 and place stop-loss above 19.3975 (financial stop) for now. Profit order near 18.8350.
$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.
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
USDZAR- NEUTRAL BUY daily chartThe pair is holding up well, and perhaps its building in GOLD correction in the future.
The cloud support is above 18.6700 and sgtrong GANN support 18.11 and resistance 19.1100.
The RSI is positive as well.
Strategy BUY @ 18.7200-18.7500 range and take profit near GANN resistance 19.1100. Stop-loss below 18.3700.
USDZAR-SELL strategy Daily chartThe pair has been resilient, and keeping the support above 18.4000 area.
Based on current hammer top, and GOLD level remaining high, the consideration for SELL is far outweighing a buy strategy.
For now, SELL @ 18.8000-18.9500 and place stop-loss above 19.0250 and re-SELL below 19.2700. the profit order @ 18.4350 and thereafter 18.02450.
USDZARUSDZAR
ZAR is bearish VS USD (now DXY bearish on 4h time frame)
I will long USDZAR it will go up slowly and once DXY become bulish again I think USDZAR will reach ($19 - $19.8)
Entry Zone: 18.69 - 18.67
SL: 18.64 (4H close)
TP1 18.70
TP2 18.88
TP3 19.15
TP4 19.88
NFA
USDZAR - AnalysisThe USDZAR is in a range between 18.40-18.90 and building energy for the next leg.
Currently there is an inverted head and shoulders pattern developing which could become a possibility if the major 18.90 level breaks, then the neckline tests.
I still have a target of R18.20 & 200dma open for test and favour that direction for now.
usdzarA continuous bullish order flow is still in play. I will be continuing respecting to respect the uptrend movement and buy all the way.
Happy trading.
