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U.S. Dollar / South African Rand

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USDZAR trade ideas

Calm and composed ZAR ahead of the local elections. With the help of stronger commodity prices, the local unit is weathering the volatility storms ahead of the local elections. The rand has been able to keep the USDZAR pair below the critical rate of 18.97 which has allowed the rand to pull the pair below the 200-day MA support of 18.75, despite the broad-based dollar strength. The pair however remains trapped in the blue wedge but the rand is knocking on the bottom end of the wedge once again. A test on the support rate of 18.54 seems like the next move for the pair but I expect the blue support range between 18.30 and 18.40 to hold its ground before the elections, if the rand manages to catch that break. A failed break below 18.50 will however see the pair pop back higher to re-test the critical rate of 18.97.
by Goose96
USDZAR-NEUTRAL SELL strategy 4-hourly chartI aborted the pair near 18.6900 as it starts looking tired for now. The stochastic is starting to look negative (not as yet) but it feels it will and besides GOLD is higher again, even though over bought heavily, we should consider the likely event of a test of 18.5500. For now am a careful SELL or stay neutral at current conditions. I would certainly be buyer lower levels near 18.4750 area, if seen. Strategy SELL (if one wishes too) @ 18.6500-18.6800 and take profit near 18.5150. SL guess place this above 18.7950 now.
Short
by peterbokma
2
USDZAR-BUY strategy 4-hourly chartThe pair has moved through the 18.7000 area and that is why we moved little further down. that is why we keep SL for such situations, and it got triggered. Now we are still below 18.7000 and we are in low stochastic areas, suggesting we are oversold. the key is GOLD of course, and when GOLD correction idea is right, this pair will move back 19.0500 area. Strategy BU*Y @ 18.6350-18.6550 and place SL below 18.5750 for now. Profit order @ 18.9450 for now.
Long
by peterbokma
7
USDZAR-BUY strategy 4-hourly chartYesterday, I felt technically we could see much lower levels, but since we have hardly managed to move lower in any form of speed, concerns me. The stochastic is negative, and we have broken support levels, but one support 18.7000 area should act as strong now. this means the miles from 18.8500 to 18.7000 is not much, and currently we hoover around 18.7900 - 18.8100 area. GOLD is heavily over bought, and therefore, we prefer now to BUY at lower levels. Strategy BUY @ 18.7450 - 18.7750 area (adjust iff you are more adventurous then me) and place SL below 18.6750. Take profit @ 19.0750 I suspect we will see higher levels due to GOLD status.
Long
by peterbokma
4
USDZAR-SELL strategy 4-hourly chartThe pair will likely move further south on the back of strong GOLD price levels. We have triple TOP for the pair 19.15-19.20 etc. and we broke through neckline 18.90s. Now we are trying to move beyond 18.7900 support and if given way, would expect a steep decline 18.6350 area. However, observe stochastic levels as they might be overdone at the time we have moved beyond 18.7000. Strategy SELL @ 18.8900-18.9100 and place SL tight 18.9850 for now (financial stop only). Profit order @ 18.7850 for now. Most are already short as per my previous update. so keep short and or add.
Short
by peterbokma
USDZAR, Ascending TriangleUSDZAR on the daily timeframe presents an intriguing technical setup characterized by the formation of an ascending triangle pattern. An ascending triangle typically indicates a bullish bias in the market sentiment. Consequently, there are two potential scenarios to consider. Firstly, the price action may encounter support around the lower boundary of the ascending triangle, leading to a rebound. This suggests a favorable opportunity for traders to enter long positions as the price bounces off the support level. Alternatively, there exists the possibility of a breakout above the upper boundary of the ascending triangle. Such a move would signify a bullish continuation pattern, likely propelling the price higher. In terms of targets, should the bullish scenario materialize, the price may aim for levels between 19.63 and 19.86.
Long
by DNP-FX