USDZAR-BUY strategy 4-hourlyThe pair remains up in the air, and we are near the triangle breakout above 19.0600. Stochastic is still positive and high, but the way it seems to hoover, suggests we may see a sudden spike upwards.
Later we can SELL again, but for now, I am not confident on decline right now, and GOLD is staying on the low side.
Strategy BUY @ 19.0300-19.0500 and place SL below 18.9450 and take profit @ 19.1950.
USDZAR trade ideas
USDZAR-SELL strategy 4-hourly chartthe pair is trying to maintain the 19.00s but feel we still have a chance for lower. The triangle break will determine where we will go, but judging stochastic, I feel south still possible, but keeping SL very tight in case wrong.
strategy SELL @ 19.0100-19.0500 and place SL above 19.0975 for now. Profit order @ 18.7350.
Testing critical levelThe pair is currently testing the 61.8% Fibo level at 18.97 and we have the psychological resistance rate sitting at 19.00. A break above this resistance range will see the rand slide to the top end of the current blue downward trend line which coincides with the red resistance range between 19.15 and 19.30.
A failed break above 19.00 will allow the rand to pull the pair back onto the 50-day and 200-day MA rates at 18.73 and 18.75, respectively.
Fundamentally, commodity prices, particularly platinum have had a sluggish start to the year which is rand negative. Additionally the dollar has remained solid this week while markets digested last weeks FOMC and strong non-farm payroll prints which also does not bode well for the vulnerable rand. For now, I remain on the fence as long as the pair sits in this big wedge illustrated by the blue trend lines.
Technically the RSI still has room to move higher before entering the overbought zone which is not rand supportive. A cross of the 50-day MA above the 200-day MA is also on the cards which is technically a 'golden cross' and rand negative.
USDZAR Heading shortUSDZAR is likely to further drive down to the 23 fib level....fib level 78.6 has signaled a short move with the instrument having given in to the bears at a resistance zone and pointed to a corrective wave.
please engage with me if you have a different perspective or share the same sentiment.
USDZAR-NEUTRAL BUY strategy 4-hourly chartThe pair showed abidance by the "false bull flag" pattern" which has difficulty in determining when the tide turns. However, persistence is pays off. Depending if one would have re-entered sell, as I did myself, near the SL level in fact.
For now I prefer side line to seeking a BUY level, which will be little lower.
Strategy BUY @ 18.7350-18.7550 area and place SL below 18.6850 and profit level @ 18.9150.
USDZAR-SELL strategy 4-hourly chartThe pair has touched the suggested SL level, and for that reason we have to enter little higher. We are supported by GANN level 19.0450 now, but stochastic is high, which means overall we will move lower in time. we remain keeping stops tight. The false bull flag pattern has changed slightly in its upper and lower band.
Strategy SELL @ 19.0850-19.1150 and place SL above 19.1675.
USDZAR-SELL strategy 4-hourlly chartThe pair has moved higher, and GOLD moved lower, in tandem. Now we have reached nice sell levels again, with high stochastic as well. We also have a false bull flag pattern, suggesting we should see lower again.
Strategy SEL @ 18.9450-19.0100 and place SL above 19.0650 and take profit @ 18.7550.
The wedge continues...The rand folded on Friday after the broad-based rise in the dollar. The rand managed to pull the pair to a low of 18.53 but this support rate held its ground. The pair still remains in the wedge pattern between the two blue trend lines and technically the higher low is not positive for the rand. I’m expecting a re-test of the 61.8% Fibo rate of 18.97 this week and a break above will allow the pair to inch back into the red resistance range between 19.15 and 19.28. For now, it’s too early to determine whether the pair is going to break to the top or bottom side of the current wedge but I’m leaning towards a break to the downside based on the expectations that the Fed will cut rates in around March.
Rand(ZAR) to 13 zar a dollar is possible13 rand a dollar is looking possible from here unless this yrs votes then go otherwise this might be a thing of the past.
Theres strong divergence visible between the RSI and the Market price, and correction is not yet complete as we need wave c of the correction before the flat continuation structure is complete.
USDZAR-BUY strategy 4-hourly chartThe pair has declined into the 18.50s and now establishing slightly above 18.6100 again.
The stochastic is low, and the regression channel gives room slight lower as well.
I would prefer not to rush into BUYING even though I think we will re-test 18.7400.
Strategy BUY @ 18.5350-18.5550 and take profit @ 18.7150 and SL below 18.4800 for now.
Unfilled orders tappingWe recently broke a supply area at 19.19152, this tells us buyers are starting to buy. Now we are tapping into the unfilled orders(demand area) at 18.53799.
Accumulation wedge into this area suggest furthermore that buyers are interested in this area. Now the objective of buyers is to break the newly formed high(19.19152). Buyers in control..
USDZAR - Rand consolidating 💲The pair continues to range between R19.20 & R18.20 and has formed a pennant pattern. As some point i expect this to break out with my bias to the upside as key moving averages are all trending up.
Only below R18.20-18.10 will the bearish case likely change for the rand.
USDZAR-BUY strategy 4-hourly chartIt feels we are overdone for this pair, but let's assume we may see lower a bit more. I feel stochastic is not too low, and we broke the channel support briefly as well.
We need to monitor the GANN support @ 18.6100 area.
Strategy BUY @ 18.5350-18.5500 and place SL below 18.4800 and take profit @ 18.7750.