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ZAR

USD/ZAR is breaking out of a critical channelOANDA:USDZAR is breaking out of a critical parallel channel We have been short the Rand (i.e Long the USD/ZAR pair) since it broke out of the previous parallel channel, however the Rand is gaining strength against the dollar. We closed the position once the rand hit the 1.618 fib extension target at R18.38/$. We have switched to a long position on the ZAR due to the following (i.e short position on the USD/ZAR pair): 1) There are multiple bearish divergences that was flashing at the R18.38/$ target 2) We have now closed 5 daily candles below the 50day SMA 3) Rejection at the 1.618 Fib extension target 4) Daily close below the parallel channel that has been in place for a good portion of the 2022 Targets are as follows: 1) R16.8/$ - This is the strongest support and one should close majority of the trade at this target 2) R15.87/$ 3) R15.2/$ Good luck
Short
by TraderMagz
1
USDZAR Short-term Sell signal and long-term level to watch.The USDZAR pair continues to confirm our break-out trade strategy as by breaking above the previous Resistance Zone we discussed on September 06, while holding the 1D MA50 (blue trend-line) as Support, it activated our buy signal and hit the -1.0 Fibonacci target and the 2.0 Fib extension (green dotted line) of the long-term Channel: We will continue this successful approach, which right now gives a new short-term sell signal targeting roughly -7.00% from the recent top, below the 1D MA50 at the bottom of the Channel Up (green) that started on the April 13 Low. This is around 17.300. If however the MACD on the 1W time-frame makes a Bearish Cross as on January 17 2022, we will use the 1D MA50 as Resistance and target even lower the 1D MA200 (orange trend-line). Take profit when the MACD makes a Bullish Cross. ------------------------------------------------------------------------------- ** Please LIKE 👍, SUBSCRIBE ✅, SHARE 🙌 and COMMENT ✍ if you enjoy this idea! Also share your ideas and charts in the comments section below! This is best way to keep it relevant, support me, keep the content here free and allow the idea to reach as many people as possible. ** ------------------------------------------------------------------------------- You may also TELL ME 🙋‍♀️🙋‍♂️ in the comments section which symbol you want me to analyze next and on which time-frame. The one with the most posts will be published tomorrow! 👏🎁 ------------------------------------------------------------------------------- 👇 👇 👇 👇 👇 👇 💸💸💸💸💸💸 👇 👇 👇 👇 👇 👇
Short
by TradingShot
1