USDZAR-BUY strategy 3-hourly chart Heikin AshiIt feels we may see little higher again. The pair failed to move below 17.3600 dramatically, and GOLD declining helps the underlying bidding of the pair. BUY volumes are increasing and that way it feels we see 17.5200 test.
The medium-term picture is still negative overall.
Strategy BUY @ 17.4350-17.4600 and take profit ear 17.5750 for now. SL based on personal risk appetite.
ZARUSD trade ideas
USDZAR-SELL strategy 6-hourly chart Heikin AshiThe pair has been close to buy back objective, and since then it moved higher finding Ichimuko cloud support. Further, we are still positive as well. The SMI still has downside potential, and keeping in mind a likely return to low 3.50s 2 Years treasury will likely will cause USD weakness including our pair.
Strategy SELL @ 17.4750-175300 and take profit again near 17.2850. SL based on your own personal preferences.
usdzarstrogerThe South African rand edged higher against the dollar despite a strong U.S. jobs report on Friday, after a difficult week for risk sensitive currencies as tensions escalated in the Middle East.
By 1512 GMT, the rand
USDZAR
traded about 0.3% firmer at 17.465 against the dollar. Since the start of the week, the local unit is down about 2%.
The dollar
DXY
jumped to a seven-week high after data showed that U.S. employers added more jobs than expected in September, leading traders to pare bets of an outsized interest rate cut by the Federal Reserve in November.
The greenback was also supported by demand for safe-haven assets after an Iranian missile attack on Israel on Tuesday left investors assessing widening Middle East tensi
USDZAR-NEUTRAL BUY 12-horuly Heikin AshiThe pair looks like it may pause a little, and it has run upward quite sharply. The stochastic is slightly positive, and SMI plus the AO all suggest we may see higher before we correct again.
I am inclined to be BUYER @ 17.4350-17.4700 and place profit order @ 17.6850 for now. SL based on personal risk appetite.
USDZAR-SELL strategy 3-Hourly chart Heikin AshiThe pair has further room upwards, and a test of 17.4950 is possible. I am preferred seller right now, but with cautious approach, and the SELL is not confirmed as yet, but feel it may work.
Strategy SELL @ 17.4150-17.4650 and take profit @ 17.2350 for now. SL based on personal risk appetite.
USDZAR-NEUTRAL SELL Strategy 8-hourly Heinkin AshiWe have reached 17.4200 and slightly higher, and feel this is enough movement from the 17.0500 area For now, I will watch carefully, but think e may move lower again. We have candle sticks suggesting we are topping out now.
Strategy NEUTRAL SELL @ 17.3500-17.4150. Take profit @ 17.2350 for now. SL based on personal risk appetite.
USDZAR-BUY strategy 12 hourly chart Heikin AshiThe pair has continued lower, even though oversold. As stated there was never a positive confirmation, and the same applies today. I still view the oversold state as important, and we should see good recovery. I was traveling, and happy I did.
Strategy BUY @ 17.0500-17.1000 and take profit @ 17.4350 first time up. SL based on personal risk appetite.
Can USDZAR Break Through Resistance Zone?When the USDZAR 4-hour chart is examined; It is observed that price movements continue below the resistance zone. It is evaluated that USDZAR can target 17.663959 in price movements above 17.108625, but as long as the 18.025658 level cannot be passed, it is evaluated that in price movements below 17.663959, it can break down 17.108625 and retreat to 16.202552.
Fundamental & Technical analysis on USDZAR shorts Fundamental : Open Interest on the South African Rand is increasing which is a Bearish signal/confluence. Commercial (Hedgers) Short positions are also increasing which for Exotic pairs like USDZAR means they are covering their Longs and add yet another Bearish confluence. Non-Commercial is also increasing its Long positions which is once again Bearish since you have too see it from a 180 degree view point.
COT Report : cot-reports.com
Technical : On the Technical Analysis side of things we have the 5 EMA crossing down the 20 EMA at the same time that Momentum is negative and the Stochastic %K line is underneath the 50% line
Stop Loss & Take Profits : To determine my Stop Loss and Take Profits I use a Fib Retracement drawn from a recent significant Low to a recent High. My strategy uses the 0.236 Fib LVL as the Stop Loss, for this trade that means 18.51172 on the chart is my Stop. Take Profit #1 is at Fib LVL 1.272, Take Profit #2 is at Fib LVL 1.414, Take Profit #3 is at Fib LVL 1.618, Take Profit #4 is at Fib LVL 2, Take Profit #5 is at Fib LVL 2.272, and my final Take Profit which is #6 is at Fib LVL 2.618.
“USDZAR on a Downward Trend”The South African Reserve Bank has reduced the policy interest rate to 8.00%. Following this move, the reversals at the 17.40 level in the USDZAR pair have drawn attention. The Fed had unexpectedly cut rates by 50 basis points at its September meeting. This situation has led to significant losses in dollar assets, while we can observe that any increases in the USDZAR pair remain limited.
From a technical perspective, if the exchange rate surpasses the 17.70 level, rises may initially extend to 17.95 and then to the 18.20 resistance level. On the downside, if the 17.40 level is breached, we could see a decline to 17.15 and then to the 16.90 support level.
USDZAR-BUY strategy 8-Hourly chart Heikin AshiThe overall picture has not changed. We are oversold, and likely we will see recovery coming week. However, the move is not a confirmed one, and therefore SL should managed carefully.
Strategy BUY @ 17.4759-17.5500 and take profit @ 17.8550 for now. SL based on personal risk appetite
note: if one has long position already, ensure leverage is managed properly.