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Usdzarforcast

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
LONG USDZARLONG USDZAR @ 14.67 TP @ 16 SL @ 14.40 We have seen the ZAR strengthening against the US dollar in the last few weeks. This was dude to rising global commodity prices helping SA's net exports. Another reason was that due to inflation and SARB entered an aggressive hiking cycle. However, I think this move is oversold. SA has many problems that they need to recover from before ZAR can continue to throw its weight around. On top of this, we have broken out of the downward channel, and cleared resistance at the 14.67 Fibbo lvl. I have therefore entered my trade at that lvl as I expect the pair to grind towards the 16 mark in the coming days and weeks. Good luck.
Long
by WhosPipsAreTheseAnyway
4
USDZAR LONG - Buy Entry - D1 ChartUSDZAR LONG - Buy Entry - D1 Chart Buy @ Market Symbol: USDZAR Timeframe: D1 Type: BUY Entry Price: Buy @ Market Resistance @ 16.13850 Resistance @ 15.42816 Pivot Point Yearly @ 15.21809 Resistance @ 14.97762 Support @ 14.51604 ✅ If you liked this analysis, please consider Following and giving it a Thumbs Up 👍 ✅ If you have any feedback or questions, please leave a comment below as I answer each comment 💬 ✅ Wishing you enjoyable successful trading 🙏
ULong
by UnknownUnicorn35780991
USD/ZAR Forecast: USD Continues to Pummel South African RandThe US dollar initially fell against the South African Rand during trading on Thursday but has bounced quite significantly to break back towards the 16 Rand level. That is a large, round, psychologically significant figure so it does make a certain amount of sense that we will pay close attention to it. Beyond that, the US dollar is strengthening against a lot of emerging market currencies, not just this one. Finally, the omicron variant coming out of South Africa has people pulling money out of that country as a lot of travel has been restricted from there. Because of this, I think the South African Rand probably gets punished. The jobs report comes out of the United States on Friday, so this of course will have a major influence on the greenback as well. Ultimately, I do think that this pair continues to go higher, because the breakout from the 15,000.50 Rand level was a very strong signal, and we recently had the “golden cross” that came into the picture as well. With this being the case, the market is likely going to continue to see a lot of noisy behavior, but nonetheless I do think that we have further to go to the upside. If supply chains continue to be disrupted, money flows into the US bond market, which of course demands US dollars as well. As long as that is going to be the case, emerging market currency such as the Rand will be sold off. Another thing to pay close attention to is the fact that the market is in an uptrend anyway, so therefore I do not have any interest in trying to short this market. In fact, it is not until we break down below the 50 day EMA, currently sitting at the 15.30 Rand level that I would consider trying to fade this rally. The volatility during the day on Friday is hopefully going to send this pair lower so I can buy it at a better price. However, a strong jobs report may send this market screaming to the upside. Furthermore, we will have to pay close attention to the entire situation when it comes to the coronavirus and South Africa, because the market seems to be in a “sell first and ask questions later” type of situation.
by SmoothJB
BUYING OPPORTUNITY FOR USDZARAfter a long bearish trend for USDZAR over the past two weeks, finally, the price was able to reach the weekly support cluster. We can also see the loss of momentum as the price approaches this zone. Moreover, there's formation of a bearish channel on the zone which signifies a potential reversal. To buy the market wait for the breakout of the channel then buy on the retest. NB; Trade carefully and wait for clear price action to enter the market as market conditions can change anytime. What is your plan on USDZAR? Bullish or Bearish, comment below!
Long
by Erady_Pascal
2