ZAR
USD/ZAR 1H Chart: Upside potential apparentDownside risks has been dominated the USD/ZAR exchange rate since the pair reversed from the upper boundary of a medium-term ascending channel at 15.47.
During this week the currency pair has been trying to surpass the resistance cluster formed by a combination the weekly and monthly PPs, as well the 55-, 100-, 200-hour SMAs and the Fibonacci 23.60% retracement in the 14.60/14.71 range. Technical indicators for the long term suggest that a breakout of given resistance cluster might happen in the nearest future.
However, this advance might not be immediate, and the pair could decline to the weekly S1 at 14.26 within following trading sessions.
USDZAR Long - The forbidden Fruit Price has presented an opportunity to press the ZAR to 16.50
The 4hr bearish trendline was broken and new support was found to the upside.
I am well aware that the USDZAR can become extremely volatile, hence the tight stop.
Any break below the current trend line and i will be taking profit.
EURZAR Long Price has broken away from its current bearish trend line.
We are currently seeing buyers forming a new bullish break higher.
I am expecting price to push through to the 18.10 mark
TRYZAR Symmetrical Triangle. Get Ready for a breakout!Symmetrical triangle usually forms during a trend as a continuation pattern. so there is a higher chance of breaking out to the DOWNSIDE
ZAR/JPY 1H Chart: Pair shows signals of reversalThe South African Rand has been appreciating against the Japanese Yen since the beginning of September after the pair reversed from the lower boundary of a medium-term channel at 7.12.
As apparent on the chart, the pair is trading near the upper channel line. From the theoretical point of view, a reversal could occur in the nearest future. Technical indicators for the 1D and 1W time-frames also support bearish scenario. Possible downside targets for the following sessions is the 55-period (4H) SMA at 7.39 and the weekly S1 at 7.29.
It is the unlikely case that some bullish pressure still prevails in the market, the currency pair should not exceed the resistance cluster formed by the Fibonacci 23.60% retracement and the weekly R1 near 7.70.
Target hit. Channel Up continuation. New Long.TP = 15.400 hit, quicker than expected, as the 1W Channel Up (RSI = 57.959, MACD = 0.486, B/BP = 1.1840) aggressively moved towards a new Higher High. Equally aggressively it has pulled back (Highs/Lows = 0) to a new Higher Low on our projected curve support. We have already bought this low and our long's TP is 15.88200.
$USDZARFX:USDZAR
Stuck in the up trend channel but testing bottom of it.
Quite overbought so could be we some some strength for the #RAND here.
USD/ZAR 1H Chart: Bearish in short-termThe South African Rand has been appreciating against the US Dollar for three sessions after the USD/ZAR pair reversed from the upper boundary of a medium-term ascending channel at 15.65.
As apparent on the chart, the US Dollar has reached the weekly R1 at 15.04. In addition, the pair is pressured by the 55– and 100-hour SMAs. These two factors allow to think that the pair could aim for the support cluster formed by the weekly and monthly PPs near 14.45.
Meanwhile, technical indicators flash bullish signals in both the short and long terms. This means that some advance northwards may still occur until the upper boundary of given channel
