UASDZAR looking to put in a bottomwe have finally reached the weekly supply zone that we have been waiting for since june. Momentum is still strong, so you wold expect to see some sort of basing/accumulation forming at these levels. Looking at the daily chart, we can see them starting to slow it down, however, we will look for the weekly to continue to hold support.
USDZAR
USDZAR - Trend Change and Diversion in place - Swing Trade 📍 10+ years experience in markets
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⏳ 1 day Chart analysis
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USDZAD LONG - PRICE HAS REACHED WEEKLY TREND LINE AND SUPPORT!Price has been moving with strong bearish momentum on the weekly chart since we broke out of the support area in early November. We have now reached previous weekly support and a weekly trend line and if we see a strong shift from the bears to the bulls we could start to see the overall bullish trend for USDZAR start to resume again and give us a swing to test the previous support, now turned resistance that we broke out of in early November.
USDZAR NEXT POSSIBLE MOVEThe ZAR has been extremely resilient after the Covid19 selloff earlier this year when we saw R19+.the current levels look attractive long term to take USD/Offshore exposure to maintain the technical trend then it will be on sell .Stock markets under fears of new lockdowns due to the rising virus cases The strong Selling on the Stock markets upon the hearing of tax news, is a Bullish mix and it has to rebounce back . Given we are back to levels pre-Covid19 with a poorer performing economy, higher unemployment and debt levels etc..
Sell USD Across the Board (MXN, RUB, ZAR, EUR, NZD)Low-interest rates in the united states and a negative current account balance should continue to structurally weaken the U.S Dollar.
We look at the following trades
Long NZD/USD
Long EUR/USD
Short USD/RUB
Short USD/NOK
Short USD/CAD
Short USD/MXN
Short USD/ZAR
USDZAR updateMorning Guys
We looking at another day of large movements.
Market currently consolidating after a big move upwards yesterday.
Might retest 15.3000 but dont miss out on the large bull-run upwards to R16 to R17.
Looking at making big profits here, going to have to watch this pair very closely.