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U.S. Dollar / South African Rand

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USDZAR trade ideas

Rand relief still in playI’m just revising my previous idea. My view for a pullback has not changed. On the 4h the MACD looks set to cross to a sell signal while we still have a degree of bearish divergence on the RSI. A break below 18.35 will allow the rand to pull the pair lower towards the 23.6 Fibo rate at 18.10. I do however expect some support in the range between 18.17 and 18.22. The longer-term move towards the parallel channel neckline and blue 61.8% Fibo retracement rate of 17.83 (as per my previous idea) still seems probable given the overbought status of the dollar across the board. I however do not see the rand pulling the pair below 17.83-17.87 at this stage.
Short
by Goose96
Zone Trading The first step in zone trading is to identify key levels of support and resistance on a chart. Support is the price level at which buying pressure is strong enough to prevent the price from falling further, while resistance is the price level at which selling pressure is strong enough to prevent the price from rising further.Once these levels are identified, traders can then look for zones between these levels where price tends to oscillate or consolidate. These zones may represent areas of potential opportunity for traders to enter or exit positions, depending on whether the price is approaching or retreating from the support or resistance level.
0
by kingdomseekingnow
1
Rand pullbackTechnical indicators and fundamentals are lining up for a reasonable rand pull back as per my previous idea. I expect the rand to pull the pair lower onto the 23.6% Fibo retracement rate and psychological rate of 18.00. A break below 18.00 will see the pair fall onto the critical support on the blue 61.8% Fibo retracement rate of 17.84 which coincide with the neckline of the broken upward channel and the black 38.2% Fibo retracement rate. Fundamentals which are supporting some relief for the battered rand are most notably the easing of the selling pressure on US bonds. The US 10-year yield declined for the past two sessions after touching a high of 3.975% and is currently sitting at 3.865%. This will in turn cause the upward pressure on the dollar (DXY) to lose momentum. Additionally selling pressure on US equity markets are also subsiding. All of these factors are rand positive as it supports risk-on investor sentiment. Technically on the 4h there is bearish divergence on the RSI while we have a sell signal on the MACD. On the daily, the MACD buy signal is rolling over while the RSI is deep in overbought zones. All of which are rand positive.
Short
by Goose96
1