ZARUSD trade ideas
I'm looking for possible buy setups.The down move in this pair is about to end. I'm looking for possible buy setups. I expect an upmove at least to be similar to the previous one Trade with care!
USDZAR-BUY strategy 4-hourly chartThe pair has been a bit oversold, but stochastic supports a bit more weakness. For that reason we should pick a lower level to buy,
Strategy BUY @ 18.1350-18.1750 and place SL below 18.0500. Profit order I suggest near 18.3850.
HeikenAshi Wavesi believe that price will will make bullish correction before continuing to the downside
USDZAR SHORT Hello everyone.
Looking forward to short USDZAR once it takes out the ORDER BLOCK.
1. Currently forming an expanding flat
2. MACD DIVERGENCE forming on 1 HR timeframe
3. A lot of liquidity at the bottom of the
4. The current move upwards (3 wave structure) will be complete once it hits the order block (19.28854)
ENTRY : 1928854
STOP LOSS: 19.47931
TAKE PROFIT 1 : 18.69111
TAKE PROFIT 2 : 18.36981
TRADE WITH CARE.
How much you're willing to loose is more important than what you think you'll gain.
USDZAR-BUY strategy Daily chartThe pair is clearly en route 18.2300-18.2700, and it feels there is no stopping. Current levels, and also how severe we have moved from 19.0000 area, suggest caution, and even maybe a BUY try-out.
Strategy BUY @ 18.3500 and place SL @ 18.2400, and take profit @ 18. 4750.
USDZAR Aiming HigherUSDZAR appears bullish on the H1, with the price acting above a support zone. The bias is 19.16299 as significant resistance but with the potential to go all the way up, up on up all the way to 19.6.
Happy Trading
K.
UsdzarLet's get ready to sell usdzar
The price broke the structure to the downside
Let's wait for the price to pull back to our oderblock
And sell this pair
USDZAR-SELL strategy 4-hourly chartThe pair did not manage to reach 19.01-19.05 area, and depending to your risk appetite, you might have sold around 18.9500. I sadly enough did not.
For now, we have downward pressure still and we violated 18.7600 as well. Stochastic is negative. Over all we have room to move until 18.2700.
Strategy SELL @ 18.8500-18.8800 area, and place SL above 18.9450. Profit order initially @ 18.4750. I suspect we will get pullback from that level.
Rand pre-budget speech and Fed rate decisionOur local unit currently remains in the range between 18.80 and 19.12. We need to see a breakout of this range to determine what direction the rand will take but for now the rand remains at the mercy of swings in investor sentiment. The dance with the 50-day MA at 18.95 will continue this week and a negative tone from the Treasury budget and continued global risk-off investor sentiment following the Fed rate announcement, will strengthen the 50-day MA support.
One positive factor which could allow the rand to test the 200-day MA at 18.53, is the recent strong performance of platinum but I don't see a major move below this support rate for the rand at the moment.
USDZAR-RANGE SELL strategy Daily chartThe pair is currently near 4-bottom area, which currently is around 18.7600. Lower we have GANN support @ 18.4500. Resistance is @ 19.1700 (trend line) and 19.40 GANN resistance. Gold is likely to move lower and this will help the pair to move back up a bit.
the case look like a range trade, and I feel preference to be SELL, even though for those willing could argue BUY near support level @ 18.7600.
Strategy SELL @ 19.0100-19.0700 and place SL @ 19.2200 for now. Profit order near support 18.7600.
USDZAR: Long term Channel Up preparing the final rally.USDZAR is trading around the 1D MA50 on neutral technicals (RSI = 45.374, MACD = -0.003, ADX = 21.007) but on a long term Channel Up for the past 2 years. This current consolidation has been the accumulation period in the two bullish legs prior before the final rally to a Higher High. This is our buy entry and we aim at the top of the Channel (TP = 21.000).
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Short term bullish biasReversal candlestick pattern at strong support zone, daily still within bullish channel and 4h RSI and stoch oversold
praying for its downfalli believe price will reject at 4hr supply zone then continue down to daily demand zone
USDZAR-NEUTRAL 4-Hourly chartOne would have been able to get out near enough profit objective @ 19.25-19.27 or on the revised SL 9.13 handle. I did the first one @ 19.2650. Thereafter, I did not have clear view and it collapsed to current 18.9000. I feel the move lower has been to quick, even though we are below triangle support, and negative stochastic, I would prefer to stay out for now on this pair.
We monitor it for a few days again. The NOKZAR SL was also hit due to the fact that the USDZAR collapsed.
USDZAR-BUY strategy 4-Hourly chartConsidering that NOKZAR is too low, and the pair is within a triangle pattern with positive stochastic, chances are that the pair will be pulled upwards by USDNOK. The current USDNOK @ 11.15 translate to a USDZAR 19.3000 for correction upwards following NOK.
Strategy BUY @ 19.0000-19.0500 and take profit above 19.3000. SL below 18.8650 for now.
What goes up must come downi believe that price will continue to push until it rejects the 19.30000 price. previous supply zone . level also coincides with 61% FIB LEVEL
The Depreciating Sout African RandFundamentals:
Deteriorating economic-fundamentals for the South African Rand:
"It's a futile exercise trying to defend the exchange rate," says the South African Central Bank governor. He won't defend the depreciating rand. According to Reuters, Kganyago says that the "bank's main concern remained fighting inflation, reiterating that risks to the inflation outlook included food prices, oil prices and exchange-rate moves."
South Africa's consumer inflation "remains comfortably within the central bank's target range of between 3%-6%." The Rand's central bankers meet in November to discuss interest rates.
Technicals:
multiple bullish candlestick signals: morning star and engulfing
closing above 50kyan and tenkan
Weekly BBT support
hidden bullish divergence
cloud support
daily HHHL
USDZAR is BearishHey Traders, lets closely watch USDZAR Pair is on the downward trend with likelihood of hitting both TP1 & TP2 by late Friday or next Monday morning. Based on the 4HR timeframe the 61.8% Fibb Retracement is within the Sell Zone.
UsdzarI trust this pattern is complete as expanded flat, if indeed it is complete, I'm looking to buy but not up to the blue box instead until 19.86 because this can turn back down for bigger regular flat pattern if will push to the blue box I would like to see a continuation correction at 19.86
Be a pro at reading candles Achieving a successful entry in forex trading hinges on your ability to comprehend the structural elements at play. Start by gaining a clear understanding of the market's current structural dynamics. Next, it's essential to analyze the candlestick formations to determine which party is likely to control the market. Often, traders tend to overemphasize patterns and trends, but it's crucial to take a step back, slow down, and focus on interpreting the candlesticks. This straightforward practice can significantly enhance your ability to make accurate predictions for the next market move.
