Get started

USDZAR

usdzar h8 c*h setup strong upside buy/hold setup🔸Hello guys, let's review the 8 hour chart for USDZAR today. Speculative C&H setup in progress. right now pullback/correction mode until mid may 2023. 🔸Price fractal is defined by cup structure (completed already), and the handle pattern. handle pullback/correction in progress now. will complete later near 17.80. 🔸Recommended strategy for USDZAR bulls. Buy/hold after pullback completes near 17.80. conservative TP bulls is 19/20, although this may extend a lot higher beyond 20.00. 🎁Please hit the like button and 🎁Leave a comment to support our team! RISK DISCLAIMER: Trading Futures , Forex, CFDs and Stocks involves a risk of loss. Please consider carefully if such trading is appropriate for you. Past performance is not indicative of future results. Always limit your leverage and use tight stop loss.
Long
by ProjectSyndicate
21
USDZAR pre-SA CPIThe support level of 18.01 held its ground last week and the rand has been on the backfoot so far this week. The pair climbed to a high of 18.33 (the support turned resistance on the 23.6% Fibo level) on Monday. Although the rand managed to pull the pair lower onto the 50% Fibo level at 18.11, I believe there is further losses on the cards for the rand as the week progresses. The latest CPI results for SA will be released in a few minutes which could be a catalyst for another move higher toward the red range between 18.46 and 18.54. Fundamentally the rand weakness looks poised to continue. The upbeat China GDP - and industrial production results released earlier this week failed to generate investor optimism and global metal prices as well as oil prices are starting to cool which are all rand negative factors. In terms of the DXY, the broad-based dollar strength has gained some traction since Friday’s aggressive push higher. Looking at the technical indicators, the 4H MACD is holding a weak buy signal while the RSI has plenty of room to move higher. The story is mostly the same on the daily timeframe with the MACD holding a buy signal and the RSI sitting around 51.50. (See the linked idea for a longer-term view)
Long
by Goose96
USDZAR 18.04960 +0.04% DAILY CHART BREAK DOWN FOR THE WEEK AHEADHELLO EVERYONE HOPE EVERYONE IS DOING GOOD HAVING A GREAT WEEKEND. HERE'S A LOOK AT POSSIBLE SCENARIOS THAT COULD PLAY OUT ON THE DOLLAR/ ZAR IN THE COMING WEEK. USD/ZAR CLOSED LAST WEEK WITH SOME STRONG MOMENTUM TOWARDS THE DOWNSIDE SIGNALLING SO MOMENTUM SHIFT LEAVING BEHIND BEARISH FVG. * We have swept previous week high and multiple day candle rejections at this level. * Second candle being that big bearish momentum shift which probably created some market structure shift on lower time frames. * Looking for a continuation of this move in this coming week even though we have some trendline liquidity build up. - Looking for ZAR To take the previous lows for confirmation that we are bearish for the week. - Tap in to the OB * If we break below and close under the OB - TARGET would be the FVG that is unmitigated before continuing to the upside. lets see how it goes. IF THIS IDEA ASSISTS IN ANY OR IF YOU LIKE THIS ONE SMASH THAT LIKE BUTTON & LEAVE A COMMENT. ALWAYS APPRECIATED ____________________________________________________________________________________________________________________ * Kindly follow your entry rules on entries & stops. |* Some of The idea's may be predictive yet are not financial advice or signals. | *Trading plans can change at anytime reactive to the market. | * Many stars must align with the plan before executing the trade, kindly follow your rules & RISK MANAGEMENT. _____________________________________________________________________________________________________________________ | * ENTRY & SL -KINDLY FOLLOW YOUR RULES | * RISK-MANAGEMENT | *PERIOD - I TAKE MY TRADES ON A INTRA DAY SESSIONS BASIS THIS IS NOT FINACIAL ADVICE TO EXCECUTE ❤ LOVELY TRADING WEEK TO YOU!
Short
by PULEMokhothu
4h USDZAR updateYesterday’s pullback was a bit deeper than expected following the US initial jobless claims result. The US jobless claims came in higher than expected and coupled with the lower-than-expected US CPI results from earlier this week, markets are betting on a Fed rate pause sooner than initially anticipated. My record of trying to predict the Fed has been poor so I’ll just stick to my technical and fundamental analysis. The rand managed to pull the pair onto the 61.8% fibo retracement rate at 18.01 following the jobless data from the US which was the second wave of the next 5-wave impulse. I expect the third wave to push the pair towards the resistance rate of 18.72 (the current yearly high). A break below 18.01 will however invalidate this expected move and the 5-wave impulse. The next resistance rates to keep an eye are 18.11, 18.21 and 18.33. A break above 18.33 will confirm the move to 18.71. Technically on the 4h, the RSI bounced off the oversold zone and the MACD is rolling over and a cross-over buy signal seems imminent. The daily MACD is still holding a buy signal, all of which is rand negative. Additionally, the DXY is heavily oversold and a bounce in the broad-based dollar strength could create headwinds for the ZAR.
Long
by Goose96
2
USDZAR next 5-waveThe USDZAR pair completed an ABC corrective wave at the end of March after the higher-than-expected 50bps rate hike from the SARB allowed the rand to pull the pair into the support range between the 50%- and 38.2% Fibo retracement rates at 17.68 and 17.92, respectively. Since the start of April, the dollar (DXY) has found some support in the range between 101.36 and 101.81 and as a result, has the rand on the ropes heading into the 2Q2023. The aggressive bounce out of the blue support range is indicative of a first impulse wave and I suspect this next 5-wave impulse will see the pair complete the 5th wave of its major cycle which will push the pair onto its 2020 peak at 19.35. (Please see attached my previous idea for the 1H2023 for a wider view) Technically there is a buy signal on the MACD indicator which is rand negative, and the daily RSI has room to move higher before hitting overbought zones.
Long
by Goose96
USD/ZAR pre-SARB rate decision.The SARB will release their latest interest rate decision on Thursday and expectations are pointing to another 25bps hike which will push the repo rate to 7.50%. I haven’t posted an idea on the pair in quite a while but a whole lot has happened since my last idea. March has been a very turbulent month for the local unit, but the rand is holding up relatively well in the month of March given the recent fragilities in the US banking sector. As things stand the rand has depreciated just over 1% against the dollar this month. The rand however slid to a three year low of 18.71 earlier this month but it did manage to pull the pair to a monthly low of 18.01 on the back of a broad-based weaker dollar. Currently it seems as if the pair has completed an abc corrective pattern following the 5-wave impulse which saw the pair climb from the yearly low 16.70 to 18.71 earlier this year. In the beginning of the year, I predicted that the pair would hit the 2020 high of 19.36 in the 1H2023 (I tagged the idea in this post). I’m not prepared to stick my neck out just yet to confirm my previous idea haha however a break above the yearly high of 18.71 could confirm the move as it will signal another impulse move higher. A re-test of the pair’s 50-day MA rate currently at 17.90 is still on the cards given the down trend on the daily RSI and sell signal on the MACD. The 50-day MA coincides with the 38.2% Fibo retracement rate of 17.91 and we would need a convincing break below this level in order to invalidate the move north of 19.00. Currently the 23.6% Fibo rate of 18.22 and the neckline of the parallel channel is holding support for the pair. Fundamentally there is not much supporting the rand. Commodity prices had a woeful first quarter off the back of the 10%+ declines in brent crude oil. Credit markets (US 10year yields) have seen massive daily swings following the fragilities in the banking sector which is eroding risk-on investor sentiment. The only thing that will be fundamentally rand positive is some degree of stabilisation of the US debt market (US 10-year bond yields) and higher commodity prices. As long as the credit markets remain unstable the rand won't be able to gain from its carry trade advantage. In summary; critical supports = 17.90 and 17.68, major resistance = 18.60 and 18.71.
by Goose96
USD/ZAR - Tentative Hello with the Feds rate decision in play we see that the Rand is getting stronger. Going down to 4hr Support level. One of two things could happen here 1. The rand could reach up again to close the future value Gaps noted on the 1hr timeframe. This will suggest that the dollar will recover. We will have to monitor the movement in this zone. 2. We could see a sharper movement downwards breaking through the 4hr support zone. This will give us good momentum for sell positions and we will move into the 18.0000 zone. At this current moment my bias is more centered around bullish momentum as noted on the 4hr TF we had strong bearish momentum. Remember price must correctly deliver both sides before we reach for any liquidity Stay Safe
by KingDee57
USD/ZAR Price Turns BearishUSDZAR Has been in an impulse phase and it has been completed with no rules violated. We are in the bearish phase of the market, we have two counts going on where it could be an impulse in the downside suggesting a long-term sell-off or a short-term sell-off as a correction meaning we are trading in a wave (C) instead. The idea of an impulse is a little complex but the idea would be to trade a wave 3 looking at the retracement it would make sense to target the 2,618. Correlating this pair to USDCAD we are more likely to have long-term sells but keeping an eye on the price level where a Zig-Zag pattern completes will be very important.
Short
by Weshareio
1
USD/ZAR target hit at R18.48 & we have another dreadful target It pains me to say our USD/ZAR trade hit the take profit level at R18.48 and now it looks like further upside for the USD is on the way. Another Cup and Handle has formed, which has broken above the neckline. And if we place the stop loss below the handle, we get the next target at R19.71. 7>21>200 RSI>50 Target R19.71 With interest rates on the rise in America after Daddy Powell mentioned more upside to come, meanse investors will continue to invest in the US dollar with high income yielding assets like Bonds, Money Markets and High interest savings rates options. As long as interest rates (or the fear of them) continue up, we will continue to see US dollar strength which will bring down many other exotic currencies like the rand.
Long
by Timonrosso
Rand relief still in playI’m just revising my previous idea. My view for a pullback has not changed. On the 4h the MACD looks set to cross to a sell signal while we still have a degree of bearish divergence on the RSI. A break below 18.35 will allow the rand to pull the pair lower towards the 23.6 Fibo rate at 18.10. I do however expect some support in the range between 18.17 and 18.22. The longer-term move towards the parallel channel neckline and blue 61.8% Fibo retracement rate of 17.83 (as per my previous idea) still seems probable given the overbought status of the dollar across the board. I however do not see the rand pulling the pair below 17.83-17.87 at this stage.
Short
by Goose96