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Usdzaranalysis

USDZAR possible drop to support level!Currency Pair : USDZAE Possible direction : Bearish Technical Analysis : Price has formed multiple liquidity grab on the 4h timeframe after an strong impulse from the resistance level. As long term trend is bearish, highly likely this price will continue to drop to support level Possible trade recommendation : Bearish as per chart sketch Press like button if you enjoy. Risk Disclaimer: Trading foreign exchange on margin carries a high level of risk, and is not suitable for all investors. Past performance is not indicative of future results. The high degree of leverage is dangerous and can work against you as well as for you. Before deciding to invest in foreign exchange or any market you should carefully consider your investment goals, level of experience, and risk tolerance. It is EXTREMELY LIKELY that you will sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. No representation is being made that any account will or is likely to achieve profits or losses. Past performance is not indicative of future results. Individual results vary and no representation is made that clients will or are likely to achieve profits or incur losses comparable to those that may be shown. You acknowledge and agree that no promise or guarantee of success or profitability has been made between you, and Forex Trading Wizard. Do your own research and talk to a professional financial planner in order to be aware of all the risks associated with foreign exchange trading and investing and seek advice from an independent financial advisor before risking any capital.
Short
by ForexWizard01
South African Rand in no mans land but can strengthen soonIt's been an interesting development with the USDZAR. Since it broke out of April's uptrend, the price is now retesting the resistance (which was support). I suspect that the price will be oscillating between the range of 17.63 and 16.91 in a box formation for a few weeks. Only if the price breaks above or below, will we get some sign of where the rand is going. For instance, if it breaks below, it would have formed an Inverse Cup and Handle showing major downside for the USD to come (which we can hope for). If the price breaks out, the fakeout will spook the bears and the price will run up to ATH... I'm bearish overall, but only time will tell.
by Timonrosso
1
USDZAR WeeklyThe best time to analyze the market is when its closed. After a analyzing the weekly chart of USDZAR, I think this market could continue its overall trend to the upside. The market is currently under the 14MA, meaning this market is selling. Lets compare last week engulfed sell candle compared to this week. WHERE IS THE SELLING MOMENTUM? It does not make any sense for this market to have amazing selling power last week and this week it died down. Consistency is key and this market is NOT consistent in the selling momentum. Looking at this market, I am expecting USDZAR to continue to travel towards the upside and I am expecting this market to break the highest high 19.06 continuing to go higher. We will see :)
by Vanaaad
6
USDZAR bullish price action to continue the week of 05 Sep 2022This pair has had a very nice bullish run since Apr. The bulls have broken above the s/r area around 17.150 and I am looking for a pullback to this area and evidence of bullish continuation. If this happens, the first target would be the 17.685 area with the potential for continuation much higher. Even with a generous stop, we can have a +3.5R trade. Always use sound money and risk management and stay patient in all your trades. If you like my analysis, please give it a “thumbs up” and follow me to get even more awesome content. What do you think about this trade idea? Please comment and share your thoughts!!
Long
by Trading_Vista
Watching for USDZAR to break resistanceThe USD/ZAR rallied with eagerness after it went down to a significant demand area at 16.20000. Now, the price has entered a short period of consolidation, as traders anticipate this Friday’s speech by the US Federal Reserve Chair Jerome Powell. The technical chart on the USD/ZAR daily timeframe suggests that a strong supply zone is currently present between 17.15 and 17.30. Breaking above this crucial area is needed to continue the rally, However, this may be increasingly unlikely as the daily candle wicks are now rejecting at 17.15. The MFI indicator, which is a technical oscillator similar to RSI but uses price and volume in identifying the oversold and overbought conditions in an asset, shows that this crucial area was indeed a strong rejection zone, as highlighted in yellow. The MFI indicator is currently facing the mid-point of the indicator. Therefore, the USD/ZAR’s supply line at 17.15 may not be enough to suppress further upside. Looking at the current price action, if the price fails to break above 17.15 and 17.30, and emphatically rejects at these supply zones, look for the price to potentially move to the downside and encounter the 16.20 demand zone once again. It will be interesting to see how investor sentiment (and the associated demand zone) holds up in the face of an emphatic downside break A further break below that zone may induce a possible trend switch to the downside in a short-term period. However, we could also see consolidation between these supply and demand zones.
by BlackBull_Markets