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SOUTH AFRICAN RAND / U.S. DOLLAR

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ZARUSD trade ideas

USDZAR-SELL strategy 4-hourly chartThe pair held the previously stated 18.4350 support area, and the support of the channel lies @ 18.5400. The stochastic is high, and RSI is overbought, but both are POS still. I feel the conditions may lead to higher levels, and the strategy suggested is as follows Strategy SELL @ 18.85-18.9000 area and place financial stop. Profit order near channel support @ 18.5400 or at the time with latest support level. Note: am away for 10 days and will not update often due to travel.
Short
by peterbokma
5
The USDZAR Now in Intermediate DeclineThe USDZAR pair fell out of a parallel channel, bounced off the Pitchfork and backtested the channel. On its way down, it broke out of the major Pitchfork and also went below 20 June 2023 price, defining a cycle failure. Currently we see price recovering the 200 day moving average at a point where a median line intersects a pink support trendline, this is within time window for a half cycle bottom in this pair, we now watch how price reacts with the mid-line while being aware that price action is within a falling wedge whose resistance runs parallel to the resistance of the Pitchfork. If we overcome the mid-line we next look at the next line especially where it intersects the major Pitchfork. Where we get a strong reaction followed by a swing high will give an indication of a cycle high with expectation for price to go lower.
Short
by runyamhere
USDZAR-SELL strategy 4 HourlyIt starts looking boring saying SELL and SELL, but the issue is with these type of markets, they always go more than it should either way. The channel is clear having resistance and support, and now we got confirmation for SELL stochastic negative and RSI as well. AO is SELL mode too. Strategy SELL current @ 18.6500-18.70 and take profit @ 18.4350, and when broken through 18.4200 area we may see 18.2700 again. Stop-loss is a financial one, if one wishes to apply (and one always should).
Short
by peterbokma
2
USDZAR- SELL strategy 4 hourlyI have underestimated the strength of the move, even though direction was fine. the pair is usually quite aggressive either direction, and that is why best to sit back until confirmation appears. When we consider GANN resistance, and the high reached, we may see that there is a likely hood for a return back towards 18.2000 short-term. the stochastic is negative and the RSI starting to become. Strategy SELL @ 18.45-18.55 (yes wide range and we have no choice this time) and take profit @ 18.2350 for now. The stop-loss suggesting a financial one that fits your budget.
Short
by peterbokma
USZAR-BUY strategy Daily chartThe weekly chart suggest we will see recovery upwards, but no confirmation as yet. The daily chart has a range downward sloping channel between 17.2900 - 17.8350 area. We are turning positive weekly chart stochastic, and the daily chart is, and AO is negative. Strategy I feel, BUY @ 17.40-17.70 (yes, I know wide selection, but no choice) and carefully place yourself. Stop-loss below 17.2700 and take profit @ 18.38-18.45 area. Unfortunately, the pair has been trading dramatic either side, and just keep GOLD in mind. The chart on GOLD suggests we may see little lower gold price at first.
Long
by peterbokma