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SOUTH AFRICAN RAND / U.S. DOLLAR

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ZARUSD trade ideas

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
SARB decision weekThe SARB will announce their latest repo rate on Thursday and expectations are for the SARB to leave rates unchanged at 8.25%. The SARB will lag the Fed when it comes to rate cuts so South Africans should, on a best case scenario, only expect rate cuts in the back-end of the year. The SARB will not cut rates until the Fed has started cutting rates. The rand strength has faded significantly since the pair failed to break below the February low of 18.53. The pair is now in a peculiar range between 18.98 and 18.68. I’m leaning towards a break above 18.98 which will allow the pair to re-test the red resistance range around the 19.20 handle. A failed break above 18.98 will however see the pair fall back onto the support at 18.68. Technically the cross of the 50-day MA above the 200-day MA is rand negative. For now, the pair is still stuck in the blue wedge we have been highlighting throughout the year. A top side break out of the wedge will see the rand tumble above the 19.50 handle and a break above 18.98 will an early indication for this move.
Long
by Goose96
3
USDZAR to 13 rands per dollarBased on the chart, Im seeing nothing else but a sell from here. Weekly has a crazy divergence between the price and the RSI. A Top was created in February 2016. Range 19 to 20 rands is a liquidity area. from here if price does not break above 20 rands, then expect more price drops from here. Based on my TA, from November 2023 till 22 January 2024 we were in a correction cycle to complete wave cycle 2, so from here im expecting a further drop for wave cycle 3 an Impulse down which always comes after correction, then once wave cycle 3 is complete then i will come with an update because we need to also have wave cycle 4 and 5. So basically this year is gonna be changing for Rands against dollar. Im just here wondering on whats gonna happen with the S.A politics which is gonna lead to rand gaining strength against the dollar, but lets watch and we gonn see. Im just excited for this year man.
Short
by Theofylrx
12