USDZAR closing in on support at R18USDZAR closing in on support at R18 and if this rand strength continues the next target is the horizontal at 17.20
USDZAR
USDZAR approaching support, potential bounce | 29 April 2020Price is approaching our first support level in line with our 61.8% retracement and horizontal pullback support where we could see a bounce to our first resistance level , in line with our 38.2% fibonacci retracement . The video analysis is linked below as well, so do check that out and leave a comment on ideas you would like to see next!
USDZAR approaching support, potential bounce | 29 April 2020Price is approaching our first support level in line with our 61.8% retracement and horizontal pullback support where we could see a bounce to our first resistance level, in line with our 38.2% fibonacci retracement. The written version is linked below as well, so do check that out and leave a comment on ideas you would like to see next!
USDZAR Bullish or Bearish???In my previous analyses I have provided reasons as to why I considered the USDZAR bullish for the medium to long term but it seems for the short term at least we may be seeing bearish price movements. I believe we're seeing this because of weakening of the USD and in part due to overbought levels on the daily time frame, meaning its a necessary pull back if we are to see good momentum going forward in terms of bullish action, also if you refer to the gann fan drawn in that I had also mentioned in my previous analyses you'll see we currently rest on the 3/1 ratio line which I spoke about earlier last week when price broke through the very respected 2/1 ratio line. I did not want to rely too heavily on the fan, however it does coincide with previous support + the ascending wedge and was respected for quite some time, and as such it's my belief that if price is to move in a bullish direction it's going to happen sooner rather than later (2 days left till May ).
tracking compas in USD/ZARAccording to the type of induction that London did, we can see a follow-up of purchases in new york with structure
Long USD/TRY : Turkey Lira WeakeningThe Lira is nearing its all-time wides relative to the dollar. The Fed’s foreign CB repos and swap lines can tame the USD a bit, but they can’t save the weakest EMs like Turkey and South Africa. Some of Turkey’s largest exports are cars, trucks, and vehicle parts (the 3 are roughly 14% of exports). COVID transportation pain not going anywhere... TRY is. (weaker).
USDZARlooks very clean price action on this for a lovely sell coming up price is moving very corrective as seen with this just see what happens now at the top of the structure !
USD/ZAR : Sell From Top of the StructureDouble Top and Ascending Channel Pattern forming for Reversal in downside.
ThankYou
