Emerging market currencies are likely to outperform the US dollar this year as the risk-on sentiment prevails. The USD/ZAR price has formed a bearish channel on the daily chart and a rising widening wedge on the weekly chart. Outlook is bearish for now.
Price is at the support zone , and want to see price act on it and go bullish to the previous support that turn resistance @17.3800, or get higher to the 17.5200 zone then price might reject at that zone and sell to 17.05800 zone, but the zone I expect price to likely reject is the 17.3800 zone.
There's a bull flag that has recently formed which has broken out strongly and now looks like the first target will be heading to R19.19. Not great for the rand but luckily we can go long the Euro to make up for it.
Rounding Top (Scallop) has formed on the daily chart. The price has broken below the neckline which signals bearish for USD Also the moving averages are almost looking good. 21 > 7 >200 - Bearish First target R15.92 The correlation between the Rand and the JSE stocks have somewhat reversed as of late. When stocks rise, the rand tends to strengthen and vice...
The USDZAR pair continues to confirm our break-out trade strategy as by breaking above the previous Resistance Zone we discussed on September 06, while holding the 1D MA50 (blue trend-line) as Support, it activated our buy signal and hit the -1.0 Fibonacci target and the 2.0 Fib extension (green dotted line) of the long-term Channel: We will continue this...
The USDZAR pair broke above its former Resistance Zone since our last analysis on June 29: The 1.382 Fibonacci extension target was hit and yet another break-out approach turned out to be successful. With the 1D MA50 (blue trend-line) supporting since August 17, we will continue to adopt a break-out trading perspective. A 1D candle close above the 17.4400...
The USDZAR pair has been trading within a Fibonacci Channel since June 07 2021, with one break-out to the 1.382 extension. At the moment it is supported by the 1D MA50 (blue trend-line) and is attempting to break a Lower Highs trend-line. A closing above it should be enough to test the Resistance Zone. Only a break above the 1.0 Fib can justify further buying as a...
The exotic pair of the U.S. Dollar to South African Rand (USD/ZAR) has not correlated strongly with other USD pairs since this year. In fact, the USD is down 1.3% against the ZAR since the beginning of the year, all the while, the USD index has been super bullish, up 6.1% YTD. While performing better than the GBP, EUR, and other major partners, the USD is still...
The USDZAR pair is replicating the previous Cycle of 2016-2019 and right now is at the final Accumulation Phase before the rally to a blow-off top. What the comparison suggests, based also on the 1W RSI (attention the price action is on the 1D time-frame though), is that we may soon see a pull-back towards roughly 15.100 to September and then a strong finish to...
The rand has held up resiliently against the dollar during this recent patch of geopolitical tension largely due the rise in commodity prices, particularly precious metals. Risk-assets, such as equities and the rand, received strong bids following the Fed rate hike and going forward I don't see the rand depreciating rapidly from further Fed rate hikes as the year...
USDZAR Foreign Currency Trend: Up Level: EMA 10, EMA 20, Diagonal, Horizontal Price closed above 15.49260. Watch For A Bullish Price Action Signal Above 15.49260.
What are the factors affecting the USD / ZAR this week? Risk sentiment will play a large part in the USD / ZAR . Last week saw traders pull away from safer currencies such as the USD, indicating a risk-on sentiment was prevalent in the market. Over last week, coinciding with the start of November, the USD depreciated by 1.427% against the ZAR, squeaking below...
Since we last checked in on the South African Rand (ZAR) in June 2021, the currency was appreciating toward multi-year highs of 13.37 ZAR per US dollar, previously not seen since January 2019. In the proceeding five months, leading up to the present, the USD has staged a comeback against the South African currency and is now level with the average exchange value...
This is a technical analysis I made of USDZAR pair.
OANDA:USDZAR This requires a quick action. PPPDirhams. Disclaimer: This is just my idea. Am not liable for the end results if adapted by anyone. Trade cautiously as there are chances that you will lose your investment..