USDZAR SELL COMING??????The chart patterns forming are clear as shown in the chart but I am mostly interested in the COT report, banks are holding longs on the ZAR yet we have been seeing a bullish move in the last week or so, a DROP IS CLOSE WE CAN GET A DOUBLE TOP along the trend line, SO BE ON THE LOOK OUT
Southafricanrand
USDZAR: 1D Channel Up. Buy.The pair is trading within a 1D Channel Up (RSI = 56.302, MACD = 0.105), currently on its Higher Low zone (Highs/Lows = 0.0000). This is an ideal opportunity to go long on the next +5% leg. TP = 15.40000.
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EURZAR: Short term bullish signal. Long term pending.The pair is on a 1D Ascending Triangle (RSI = 54.426, STOCH = 51.729, Highs/Lows = 0.0000) which on the short term is giving buy signal towards 16.800. Also, a stronger longer term buy signal is coming close to being materialized when the Golden Cross takes place (MA50 over MA200). The last 2 times that happened, the pair rallied more than +15%.
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USDZAR: Sell opportunity after a Resistance rejection.The pair is pulling down on the 1D chart and has reached its pivot point (RSI = 50.729, CCI = -28.2213, Highs/Lows = 0.0000). This should accumulate some buying pressure to take it slightly higher only to be most likely rejected again towards the 12.90 - 13.87 Support Zone. We are short with TP = 13.900.
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Buy opportunity on South African stocks.The market is approaching the 48,940 Support. 1M is supported there (RSI = 52.867, MACD = 574.500, Highs/Lows = 0.0000) and the current dip is a solid medium term buy opportunity. Assuming that a roughly -2% Lower High sequence will be maintained we place the next medium term target at 52,200.
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