Midterm forecast:
While the price is above the support 14.5030, beginning of uptrend is expected.
We make sure when the resistance at 16.3405 breaks.
If the support at 14.5030 is broken, the short-term forecast -beginning of uptrend- will be invalid.
Technical analysis:
There is a divergence in RSI and price between the trough at 16.315 on 2020-06-10 and the...
Trading suggestion:
". There is a possibility of temporary retracement to suggested support line (14.7415).
. if so, traders can set orders based on Price Action and expect to reach short-term targets."
Technical analysis:
. USDZAR is in a range bound and the beginning of uptrend is expected.
. The price is above the 21-Day WEMA which acts as a dynamic...
Price has been moving with strong bearish momentum on the weekly chart since we broke out of the support area in early November. We have now reached previous weekly support and a weekly trend line and if we see a strong shift from the bears to the bulls we could start to see the overall bullish trend for USDZAR start to resume again and give us a swing to test the...
Mid-Term Forecast:
Trading suggestion:
. There is a possibility of temporary retracement to suggested support line (16.545). if so, traders can set orders based on Price Action and expect to reach short-term targets.
Technical analysis:
. USDZAR is in a range bound and the beginning of uptrend is expected.
.The price is above the 21-Day WEMA which acts as...
I am expecting USDZAR to break out of its descending wedge formation as a bullish flag and is also oversold on the RSI . US Dollar Index also has an inverse head and shoulders patterns indicating further dollar strength this coming week.
Watch the price action at 17.27500 London open
TP1: 17.500
TP2: 17.72
TP3: 19.95
With gold looking bullish on the daily and broken past the previous resistance alongside the risk of a second wave of coronavirus in the USA. Investors/traders will be looking at the safe haven of gold to see through the storm. USDZAR having a strong correlation against gold should continue the sell off of USDZAR.
Worth noting that Coronavirus has spiked in SA...
