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USDZAR

LONG USDZARLONG USDZAR @ 14.67 TP @ 16 SL @ 14.40 We have seen the ZAR strengthening against the US dollar in the last few weeks. This was dude to rising global commodity prices helping SA's net exports. Another reason was that due to inflation and SARB entered an aggressive hiking cycle. However, I think this move is oversold. SA has many problems that they need to recover from before ZAR can continue to throw its weight around. On top of this, we have broken out of the downward channel, and cleared resistance at the 14.67 Fibbo lvl. I have therefore entered my trade at that lvl as I expect the pair to grind towards the 16 mark in the coming days and weeks. Good luck.
Long
by WhosPipsAreTheseAnyway
4
USDZAR LONG - Buy Entry - D1 ChartUSDZAR LONG - Buy Entry - D1 Chart Buy @ Market Symbol: USDZAR Timeframe: D1 Type: BUY Entry Price: Buy @ Market Resistance @ 16.13850 Resistance @ 15.42816 Pivot Point Yearly @ 15.21809 Resistance @ 14.97762 Support @ 14.51604 ✅ If you liked this analysis, please consider Following and giving it a Thumbs Up 👍 ✅ If you have any feedback or questions, please leave a comment below as I answer each comment 💬 ✅ Wishing you enjoyable successful trading 🙏
ULong
by UnknownUnicorn35780991
UASZARThe ZAR has been a very strong currency over recent weeks, consistently moving higher against the USD which has itself been in a long-term bullish trend. The USD also rose against a basket of currencies last week but fell quite strongly against the ZAR as can be seen in the price chart below. Last week’s price action saw a close near the low of the week’s range, and it was the lowest weekly close made since September 2021. There are good reasons to look for a short trade here to exploit the bearish momentum, but bears should watch out for the potentially inflective low point at 14.3518 which might be supportive.
Short
by SmoothJB
Dollar / South African Rand (USDZAR) High Timeframe outline HTF (High Time Frame) outlook for the South African Rand. Lets see how it plays out over the coming months. I am currrently positioned long and per the box, break down from here and you target the next range below for some action. HTF charts take long to play out. Wonder what the news will be .... USD at monthly resistance, so probably heading to the lower box. These monthlys all tested, and weekly struggling to hold. So lower box looking prbable for now. However, this is the range to long, albiet a bit sketchy. USD looking strong against CHINA YEN , this could play a significant role, as South Africa (Along with rest of Africa) is aligned (owned) by China.
by Willco95
USDZAR end of Q1The 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 progresses. While we're on the topic of interest rates, I believe hikes are priced in and the rand's carry trade appeal is still very strong (SA 10-year yield = 9.785% vs US = 2.388%). SA's trade balance surplus has however slipped from R29 billion in December to R3.55 billion in January and the forecast for February is expected to climb higher to R16.50 billion which is fundamentally rand positive. Let's get techi: The rand has pulled back 50% of its 2H2021 losses and the 50% fibo rate of 14.79 is the next support rate to watch (just a reminder I use a log scale chart and my Fibo retracements are also based on the log scale). A break below 14.79 will open the gates for a move lower towards the 61.8% Fibo retracement at 14.45 and the 23.6% Fibo retracement from the rand's 2020 recovery. I do however expect the rand to give back a bit and for the support at 14.79 to hold some strength. The RSI seems to be losing some downward momentum and the stochastic indicator is currently trading deep in the oversold zone (rand overbought). A pullback towards the 50-day MA of 15.20 and the 200-day MA of 15.05 is looking plausible but I expect the critical resistance rate of 15.15 to hold its ground. A failed break back above 15.15 will leave the window open for further rand strength. A break above 15.15 will however see the rand slip to 15.40 against the dollar. There is also a looming death cross on the pair (50-day MA crossing below the 200-day MA) which will be rand positive. To summarise, I see the pair moving into the zone between 14.35 and 14.60 as Q2 progresses.
by GustavFourie96
2