ZARUSD trade ideas
USDZAR: some rand weakness?A price action above 18.95 supports a bullish trend direction.
Increase long exposure for a break above 19.25.
However, the ideal entry is close to the 50% Fibonacci retracement level.
The target price is set at 19.60.
The stop-loss price is set at 18.65.
Remains a risky trade.
USD/ZARHi everybody when i see the usd/jpy and usd/zar i get from them that maybe we can see the diminishing in dollar value and rising in precious metals price (south africa most income is from exporting precious metals) okay may it makes you weird but that is the reality .....ther is no alternative for fed to avoid from printing money again......
Gooooood luuuuuuck
USDZAR Ascendıng trıangle Hello Everyone we are tradıng now thıs ascendıng channel untıl waıtıng for a breakout
the breakout from the up or down from thıs channel,
the breakout suppost to be to downtrend 18.500 or to uptrend on the 19.300 after retesting it on that price,
until that time we have a trade with the ascending triangle
Set the \TP : 19.300
SL : 18.900
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USDZAR ForecastThe USDZAR seems ready to be bullish, no long ago we anticipated a correction for wave (2) which then occurred and traded to a 50% Fibonacci retracement.
The upside will last a lot longer we can expect it to break the previous high with a Fibonacci projection of 1.61.8 as that is common for wave 3s to extend to that level.
USDZAR-SELL strategyThe pair is revolving around GANN support 18.8400 area, and for now, our previous shorts may be aborted and SELL again in the range of 18.8900-18.9500. This is a personal decision to make.
The stochastic is negative as well as the RSI, and pressure is likely to remain because of that.
Strategy SELL @ 18.9250-18.9700 and place stop-loss above 19. 0800 for now. Profit order Q@ 18.7850.
USDZAR-SELL strategy daily chartThe pair starts showing a direction towards the south. The GANN fan provides resistance @ 19.2200 and 19.3350 area (trend line resistance).
The stochastic is negative, and this suggest lower levels to be seen.
Strategy SELL or remain or add short @ 19.1500-19.2100 and place stop-loss above 19.3350.
Profit order near 18.7300 but monitor 18.8700 support.
USDZAR | Weekly | UpdateLooking at USDZAR on our weekly chart we can notice that USDZAR has been failing to break to the downside as has been respecting our previously outlined levels. To elaborate further we can take note of the fact that USDZAR’s failure to break through our 17.50xxx Psychological level confirmed a new higher low on the pair after which it started rallying back up and is now trading above our 19.0xxxx price point; we can also take note of the fact that after USDZAR failed to break our 17.50xxx level creating a new higher low it gave us the opportunity to identify the formation of that bullish channel within our already existing long term bullish trend.
Now looking to the right on USDZAR we can notice the possibility of it creating a new all time high between our 20.50xxx and 21.50xxx respective levels and considering the current economic climate in South Africa and the upcoming elections causing further instability in the ZAR so we could possibly see the USDZAR head towards these levels as we head into 2024.
USDZAR- Dollar weakness creeping inThis is the second time the pair finds resistance at around 19.30. Momentum has started to shift and this time it is dollar weakness rather than Rand strength. Coming out of over-bought territory now with some proper selling pressure overnight, I expect a ZAR rally back to test at least 18.50 from here. This looks like a nice little USD short opportunity for around 60c over the weekend
USDZAR-SELL strategy 4 HourlyThe pair has formed a likely "false bull flag" pattern, and usually this means a move lower after a solid break of the base of the flag. The support is 19.1600 area, and the top is 19.3650 estimated.
The potential is a move back towards 18.7500 cloud support.
Strategy SELL @ 19.2250-19.3150 and place stop-loss above the flag resistance currently 19.3750 suggested level. Profit @ 18.7850.
South African rand in trouble - Next target R21 :(Inv H&S has formed on the USD/ZAR since 6 June 2023.
The price has recently broken above the neckine, showing the US dollar is poised for upside.
The DIXIE (US Dollar Index) is also showing upside to come.
7>21>200 and confirms the US dollar is going up.
RSI>50 - Bullish
First target is R21.00
ABOUT THE DIXIE:
HOW IT’S CALCULATED
The USDX is calculated by the Federal Reserve Bank of New York and is based on the exchange rates of six major currencies: the euro (EUR) – Accounts for 57.6% - ,Japanese yen (JPY), British pound (GBP), Canadian dollar (CAD), Swedish krona ( SEK ), and Swiss franc (CHF) .
USDZAR 4H ForecastWe're in a bullish sequence on USDZAR, we're in a wave 3 phase which will unfold as an impulse wave. USDZAR will most likely trade bullish based on inverse correlation where XXXUSD trades on the bearish side. We can expect a minor pullback which may result in a significant buy very soon.