African
USDZARChannel Limits Resepected.
Usual stop run break out before a major move in the opposite direction.
Current Target R 12-90
USD/ZAR 1H Chart: Descending between Fibonacci linesThe US Dollar continues to lose ground against the South African rand in a large scale descending channel pattern. However, not the pattern, but other aspects are to be noted more importantly.
Namely, the fact that the currency exchange rate is respecting the support and resistance of the various Fibonacci retracement levels that can be charted on the currency exchange rate. Moreover, various pivot points play important roles on the chart.
Regarding the near term future, whether a surge or decline starts is dependent on whether the 13.31 gets passed to the downside or the upside.
USD/ZAR Large scale developmentsIt seems that everything previously drawn on the USD/ZAR currency pair’s large scale charts has become obsolete due to the recent fundamental events in the US. Namely, in a recent testimony to the US Congress the head of the FED provided the needed strength to the US Dollar to break long term resistance.
Before the even the pair was heading for the lower trend line of a two year pattern. It was occurring in a junior pattern, and the move was about to be completed by the middle of March.
However, two smaller scale patterns are still holding and indicate that the pair might trade horizontally throughout March.
USD/ZAR 4H Chart: Started appreciating The US Dollar Continued to appreciate against the South African Rand after it reached the dotted support line near the 11.80 level on January 23.
After testing the 50.00% Fibonacci retracement level, the pair started moving back in the opposite direction. This retracement can be measured by connecting the high at 12.55 and the low at 11.80.
The pair are stranded between the upper boundary of the dotted line and the 100—hour simple moving average at the time of the analysis. Everything being equal, the USD/ZAR pair is likely to retrace south to test the weekly pivot point at the 12.00 mark.
USD/ZAR 4H Chart: Breaking massive patternThe US Dollar recently plummeted against the South African Rand. From a technical perspective the reason for the fall was the encountering of a Fibonacci retracement level, which is measured by connecting the high and low levels of the last decade.
However, that move was not as surprising as the fact that the following decline broke the support of a massive scale channel up pattern, which represented the pair’s rebound of 2017.
In regards to what the traders want to know, the pair is set to trade between two levels in the near future until it breaks to the downside and begins an approach of the 2017 low level at 12.32.
EURUSD Bearish setup against 1.1940 Technically I see the EurUsd unfolding a Triangle Wave 4 corrective pattern that is languishing in nature. The three way pattern we're are counting is expectedly in the wave (c) of a-b-c zig zag Wave C pattern down.
on the 30mins-1hr chart the five wave fall from 1.1961 we believe is corrected by an irregular flat (inblueonchart) that retraces from 1.1817 to 1.19408
The minimum target would be the A=C target of 1.1796 level.
The Next Target would be the A*1.382=C target at 1.1762
The Next Target would be the A*1.618=C target at 1.1707
Below this 1.1664 is of major interest because it was be the larger degree triangle C = (A*61.8%) Level.
We expect EURUSD to stay below 1.1940 and certainly 1.1961 and open Sunday dropping.
USD/ZAR 4H Chart: Reaches Dominant ResistanceAlthough the USD/ZAR pair is not that popular due to low volumes and fundamental moves, a review of the pair needs to be done due to a recent rebound against a dominant resistance level.
The pair recently bounced off the combined resistance of a long term channel up pattern, monthly R2 and weekly R3 near the 14.30 mark. As a result of the meeting of the resistance level the pair has begun to decline down to the 14.04 level, where the weekly R2 is located at. Most likely that level will be reached and a short term rebound will reveal the most junior pattern.
Meanwhile, one should take into account that there is still active the support line, which forced the rate higher during the last week.
