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SOUTH AFRICAN RAND / U.S. DOLLAR

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ZARUSD trade ideas

Bearish drop?USD/ZAR is rising towards the pivot which has been identified as an overlap resistance and could reverse to the 1st support level. Pivot: 18.30934 1st Support: 18.12993 1st Resistance: 18.43011 Risk Warning: Trading Forex and CFDs carries a high level of risk to your capital and you should only trade with money you can afford to lose. Trading Forex and CFDs may not be suitable for all investors, so please ensure that you fully understand the risks involved and seek independent advice if necessary. Disclaimer: The above opinions given constitute general market commentary, and do not constitute the opinion or advice of IC Markets or any form of personal or investment advice. Any opinions, news, research, analyses, prices, other information, or links to third-party sites contained on this website are provided on an "as-is" basis, are intended only to be informative, is not an advice nor a recommendation, nor research, or a record of our trading prices, or an offer of, or solicitation for a transaction in any financial instrument and thus should not be treated as such. The information provided does not involve any specific investment objectives, financial situation and needs of any specific person who may receive it. Please be aware, that past performance is not a reliable indicator of future performance and/or results. Past Performance or Forward-looking scenarios based upon the reasonable beliefs of the third-party provider are not a guarantee of future performance. Actual results may differ materially from those anticipated in forward-looking or past performance statements. IC Markets makes no representation or warranty and assumes no liability as to the accuracy or completeness of the information provided, nor any loss arising from any investment based on a recommendation, forecast or any information supplied by any third-party.
Short
by ICmarkets
Bearish drop?USD/ZAR is reacting off the pivot and could potentially drop to the 1st support which is a pullback support. Pivot: 18.39589 1st Support: 18.17481 1st Resistance: 18.55218 Risk Warning: Trading Forex and CFDs carries a high level of risk to your capital and you should only trade with money you can afford to lose. Trading Forex and CFDs may not be suitable for all investors, so please ensure that you fully understand the risks involved and seek independent advice if necessary. Disclaimer: The above opinions given constitute general market commentary, and do not constitute the opinion or advice of IC Markets or any form of personal or investment advice. Any opinions, news, research, analyses, prices, other information, or links to third-party sites contained on this website are provided on an "as-is" basis, are intended only to be informative, is not an advice nor a recommendation, nor research, or a record of our trading prices, or an offer of, or solicitation for a transaction in any financial instrument and thus should not be treated as such. The information provided does not involve any specific investment objectives, financial situation and needs of any specific person who may receive it. Please be aware, that past performance is not a reliable indicator of future performance and/or results. Past Performance or Forward-looking scenarios based upon the reasonable beliefs of the third-party provider are not a guarantee of future performance. Actual results may differ materially from those anticipated in forward-looking or past performance statements. IC Markets makes no representation or warranty and assumes no liability as to the accuracy or completeness of the information provided, nor any loss arising from any investment based on a recommendation, forecast or any information supplied by any third-party.
Short
by ICmarkets
Rand to feel the carry trade squeeze The rand held up well despite the spike in volatility over the past two week however the macroeconomic back drop does not bode well for our local unit. The carry trade is unwinding forcing investors to close their Yen shorts which is the cause of the massive spike in volatility. The Nikkei is down 8% while the USDJPY has already dropped another 2% in early morning trade, this is not normal behavior. The rand is a risk-on asset and market sentiment is aggressively swinging to risk-off sentiment which is rand negative. The support at 18.12 is holding its ground and if the rand fails to pull the pair below this rate it will signal that the rand post-election rand strength has petered out. The pair is currently testing the resistance rate at 18.37 and a break above this level will see the pair break the downward channel to climb and test the 200-day MA at 18.62. If the current stress from the unwinding of the carry trade persists and we see a continued sell-off in risk assets the rand will soon find itself testing the downward trend line around the psychological 19.00 mark with a move towards 19.35 firmly on the cards.
Long
by Goose96
PreFed ZARThe rand has been on the back foot in the second half of July despite the broad based dollar weakness which has seen the USDZAR pair touch a high of 18.53. The rand has however managed to pull the pair back below the 50-day MA rate at 18.30. The critical level to watch is the blue resistance range between 18.50 and the 61.8% Fibo retracement level of 18.56. A failed break above this level will allow the rand to pull the pair back below the 18.00 handle towards 17.80. A break above the 200-day MA at 18.64 will however invalidate this move. The break out of the rising wedge is rand positive as well as the fact that is managed to close last week below the 50-day MA resistance rate.
Short
by Goose96
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