ZAR
USD/ZAR ewThe pair flew to the 50% Fibo retracement level of 16.37 last week Friday following some fresh virus FUD.
A daily close above the critical resistance rate of 16.37 will confirm a channel break out of the longer-term orange channel and send the pair higher towards the 71.8% Fibo rate of 17.07. The pair is however trading in heavily overbought ranges on the RSI and the virus FUD will likely ease which may allow the rand to pull the pair to calmer waters around the 10-day MA of 15.82, over the next two weeks. I'm however not getting my hopes up for a test of the critical support rate of 15.66.
Lots of event risk this week, Powell babble as well as from Yellen plus NFP's. (The latest variant FUD may cause Powell to sing a less hawkish tone this week, let's see)
From SA, unemployment figures and the latest trade balance.
Over the slightly longer-term its seems likely that the current third wave will break the orange channel (fundamentally almost every thing seems the be in favour of further rand weakness). A failed break above 16.37 could however see the start of an ABC corrective wave in January next year.
GBPJPY- Liquidity grabbed and character has changed. Would be looking for long opportunities on this 1 as i am looking at framing long opportunities on the pound.
AIL, fundamentals are looking good for buysTencent has just completed their transaction at TYME bank, executives of AIL have been buying shares heavily, this makes me very much interested in buying this company, I just highlighted levels where I am looking to take hold of this opportunity.
NAS 100- At a confclunce area of long reversal I think price will retrace from the Sell Side Liquidity that I see, I am looking for sell opportunities short term
BHP to close gap?JSE:BHP has broken out of a sideways consolidation area and I could see it moving up to close the gap formed on 1 September. Target would be around 45200 level.
PEPKOR trendline bounceBased purely on the underlying trend, if it doesn't break through downwards, we could potentially see an upward move on JSE:PPH after bouncing off this trendline.
USDZAR | BULLS TIRED?USDZAR | BULLS TIRED?
The bulls looks tired and taking correction in parallel channel.
They can either take support from parallel channel and continue making higher highs
Or the pair can break the channel and touch the recent low and bears take charge from there.
Key point highlighted on charts.
USDZARA fully formed Head and Shoulders pattern,coupled with recent strength on the Dollar, we expect the price to break the neckline this week ,confirming the bullish breakout.
Down move on SASOLJSE:SOL has broken out of a triangle pattern, signaling a short position. If it continues down, I think we could see a move towards the 22500 support region.
Inverted Head & Shoulders on ProsusJSE:PRX has formed an inverted head and shoulders pattern. With a break of the neckline we could see a move to the target at around the 160000 resistance level.
Kumba - Hammer at Support LevelTwo days ago, JSE:KIO formed a hammer candle and this was confirmed by yesterday's price action. A hammer is a bottom reversal signal and I think we could see a move upward towards the 52000 resistance level.
H&S on NedbankA slightly ascended head and shoulders has formed on JSE:NED . If this pattern plays out, we could see a move downwards to the target at around 13000 support area. This coincides with a breakout of the ascending channel that happened on the 9th of November.
Multichoice Group downward turnJSE:MCG is showing signs of downward momentum and I think we could see a downward move towards the 10200 support level.
Bullish Engulfing on VodacomA bullish engulfing candle has formed on JSE:VOD based on Friday's price action - it formed at a reasonably strong support level. The momentum indicators are all showing upward momentum so I think we could see a move towards the previous high at around 15100
BTI - Parallel Channel with upward momentumJSE:BTI is trading in a parallel channel and has recently bounced off the bottom on its way up. It is also showing some nice upward momentum. I would say that we are looking at an upward move towards at least the 55000 level if not further up towards the top of the channel.
What Affects The USD/ ZAR This Week?Since we last checked in on the South African Rand (ZAR) in June 2021, the currency was appreciating toward multi-year highs of 13.37 ZAR per US dollar, previously not seen since January 2019. In the proceeding five months, leading up to the present, the USD has staged a comeback against the South African currency and is now level with the average exchange value for the first two months of 2021.
Some wild swings occurred during the revival in the USD / ZAR, with many value-overshoots forcing quick corrections. That is to say, bullish sentiment didn’t last long without a bearish retracement with this pair. For the most part, retracements have been hugging close to the Fib levels.
What are the factors affecting the USD / ZAR this week?
Risk sentiment will play a large part in the USD / ZAR. Last week saw traders pull away from safer currencies such as the USD, indicating a risk-on sentiment was prevalent in the market. Over last week, coinciding with the start of November, the USD depreciated by 1.427% against the ZAR, squeaking below the 15.000 precipice.
There are no hugely critical economic reports due from South Africa this week. However, next week the ZAR may be under pressure after announcing the Inflation rate YoY (October). Inflation is expected to increase by .2 percentage points to 5.2%, further pulling away from the South African Reserve Bank’s midpoint inflation target of 4.5%.
Next week, US economic data might be worth watching, including Inflation Rate YoY (October) on Wednesday and JOLTS Job Openings (September) on Friday. Inflation in the US is predicted to get as high as 5.8% in the October reading, up from 5.4% in September. The JOLTS Job Openings should hopefully show some sign that the tight labour market in the US is beginning to loosen.
EURZAR on a double bottom 🦐EURZAR on the daily chart bounced 2 times over a monthly support creating a perfect double bottom reversal pattern,
The market after the break of a descending trendline is now moving to a weekly resistance and according to Plancton's strategy if the price will break above we will set a nice long order.
–––––
Follow the Shrimp 🦐
Keep in mind.
🟣 Purple structure -> Monthly structure.
🔴 Red structure -> Weekly structure.
🔵 Blue structure -> Daily structure.
🟡 Yellow structure -> 4h structure.
⚫️ Black structure -> <4h structure.
Here is the Plancton0618 technical analysis , please comment below if you have any question.
The ENTRY in the market will be taken only if the condition of the Plancton0618 strategy will trigger.
FSR Moving upwardsJSE:FSR has recently bounced off a strong upward trend line. Based off of this as well as the momentum indicators which are all showing upward momentum, I think we could potentially see a nice upward move towards the resistance level at around 7000
USDZAR ABOUT TO MOON DONT MISS!Reversal pattern been forming for months now and at last we have a BOS looking for this too moon
EURZAR on a perfect double bottom 🦐EURZAR on the daily chart bounced 2 times over a monthly support creating a perfect double bottom reversal pattern,
The market after the break of a descending trendline is now moving to a weekly resistance and according to Plancton's strategy if the price will break above we will set a nice long order.
–––––
Follow the Shrimp 🦐
Keep in mind.
🟣 Purple structure -> Monthly structure.
🔴 Red structure -> Weekly structure.
🔵 Blue structure -> Daily structure.
🟡 Yellow structure -> 4h structure.
⚫️ Black structure -> <4h structure.
Here is the Plancton0618 technical analysis , please comment below if you have any question.
The ENTRY in the market will be taken only if the condition of the Plancton0618 strategy will trigger.
Capitec - trend-line bounceJSE:CPI has tested a trend line multiple times since last October. It is currently bouncing off of this line again and we could see an upward move if it doesn't break through downwards. The stochastic and the MACD are both confirming this momentum. The EMA's briefly crossed yesterday, but have since uncrossed again. If it breaks above yesterday's levels, I will enter a long position.
ANH showing upward momentumJSE:ANH has recently bounced off a strong support level and seems to be moving upwards for the time being. The stochastic and the MACD both crossed upwards on the 21st of October and the two EMA's crossed over yesterday. These are all signs of upward momentum. I think we can see a move to at least the 90000 resistance level.
