The South African rand takes advantage of the confusionThe South African rand takes advantage of the confusion and the risk appetite to gain against the US dollar. However, with the escalating tension in Hong Kong, the heightening US-China trade war, and the ongoing riots across America is giving a tough time for traders of the pair. However, the South African government is very much on track to reopen its economies, the optimism there is giving bears a little support. The South African rand is rallying ahead of the release of the Manufacturing PMI and the country’s total vehicle sales reports scheduled to be released later today. Last week, the South African rand lost its gaining momentum against the US dollar thanks to the mixed results from the country’s private sector credit report and trade balance for April. The South African trade balance collapsed from ZAR23.94 billion to an alarming ZAR-35.02 billion. Investors are hoping that those figures would recover along with the reopening of its economy.
USDZAR
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Sale of the pair after correction SL and TP indicated on the chart
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USDZAR oversold on daily, but no divergence yet. Time to buy?
USDZAR oversold on daily, but no divergence yet. Is it time to buy yet? With DXY at resistance zone with potentially a bit more up, I would definitely not sell at this point. 17.51 has been proven strong support for now. It might potentially pull back to 18.2 area before dropping to 17.26. Selling the pullback would be the preferred option imo.
DXY:
USDZAR Finding SupportThe Rand had a good run the last 2 weeks but the following reasons may hint to a price support at current levels:
1. Price currently at 50% Fib Retracement level.
2. Horisontal price support from 2 months ago.
3. TD indicator on a perfected daily 9.
4. RSI at extreme low levels.
5. Triangular pattern plays out at current levels.
Can the Rand strengthen more? Offcourse yes, but only on the back of a weakening Dollar I would say.
Probability though more to the "price support" theme at current levels.
Bull in a bear's clothing USD/ZARPrice hasn't reached Fibo 38,2 which is a strong Support. However, I am long bias at least for some day currently. Monday should close above the Friday-Candle to form an Inverted Hammer to confirm a possible bullish move to at least Fibo 23,6 and possibly reach the Trendline (if it's still higher than Fibo 23,6). I personally still think a saver bet would be a short if the price is around the next Lower High. Reshuffle at Fibo 38,2.
USD/ZAR MULTI-TIMEFRAME ANALYSIS Hello Traders, here is the full analysis for this pair, let me know in the comment section below if you have any questions, the entry will be taken only if all rules of the strategies will be satisfied. I suggest you keep this pair on your watchlist and see if the rules of your strategy are satisfied.
USDZAR Yearly Structure OHLC ( Long Term Sells) Please support this idea with LIKE if you find it useful.
USDZAR
Monthly
Price Has opened High since the beginning of this year with May finally creating a “potential” high. If price closes bearish this month we tanking down . Also a huge bearish divergence starting all the way from the 1st of February 2016 till May 2020 ... perfect indication we going down . Waiting on extra confirmation for proper sell entries.
WEEKLY
Earlier today we had what seemed to be a bullish divergence which later got corrected with a huge bearish move breaking below our fib zone confirming the presence of Bears in markets. Price can still push going down .. waiting for extra confirms for sells .
FX:USDZAR WEEKLY TAKE PROFIT IF U SELL 17.41398
DAILY
Price is trending bearish due to the breakout .. wait for OHLC in H4 for entries in m15.. Patience 🔥🔥🔥
WEEKLY TAKE PROFIT IF U SELL 17.41398
🔥🔥🔥 Patience 🔥🔥🔥
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ridethepig | Dovish SARB On Deck!We are reaching the lows in the range right on time for SARB today. Markets are expecting a 50bps move, a little bird tells me that we are set for more... Remember the domestic story in South Africa is only going one way; sadly it's the same outcome as Turkey.
On the technical side, tracking closely the 18.00 support to build longs outguessing a dovish SARB. Look to target the 18.5x and 19.0x highs and lighten up below 17.7x.
Good luck.