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SOUTH AFRICAN RAND / U.S. DOLLAR

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ZARUSD trade ideas

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
USDZAR-SELL strategy 4 HourlyIt starts looking boring saying SELL and SELL, but the issue is with these type of markets, they always go more than it should either way. The channel is clear having resistance and support, and now we got confirmation for SELL stochastic negative and RSI as well. AO is SELL mode too. Strategy SELL current @ 18.6500-18.70 and take profit @ 18.4350, and when broken through 18.4200 area we may see 18.2700 again. Stop-loss is a financial one, if one wishes to apply (and one always should).
Short
by peterbokma
2
USDZAR- SELL strategy 4 hourlyI have underestimated the strength of the move, even though direction was fine. the pair is usually quite aggressive either direction, and that is why best to sit back until confirmation appears. When we consider GANN resistance, and the high reached, we may see that there is a likely hood for a return back towards 18.2000 short-term. the stochastic is negative and the RSI starting to become. Strategy SELL @ 18.45-18.55 (yes wide range and we have no choice this time) and take profit @ 18.2350 for now. The stop-loss suggesting a financial one that fits your budget.
Short
by peterbokma