All analysis are strictly based on price action movement from the DAILY and 4HR TF.
Detailed description of analysis can be found on the chart.
All input is greatly appreciated !
All analysis are trickly based on price action movement from the DAILY and 4HR TF.
Detailed description of analysis can be found on the chart.
All input is greatly appreciated !
This is not professional advice
The previous update viewpoint provided the right feeling of upside potential, and depending to one's action, one may have sold within this 19.12-19.1500 area. SL are always in the hands of the one trading, and in this case we did have a high of 19.2075 area before retreat. My idea was stop above the previous high, and this translated around 19.1950 area (100 pips...
Hi there,
There's an ABC pattern forming in the USDZAR H1 time frame. AB appears to be a correction in a bullish trend that continues in higher time frames when viewed over a stochastic indicator.
Therefore, BC is expected to continue the bullish XA wave, reaching an approximate price area of 19.31196, with 19.08984 as the first price target when applying a...
The pair broke above the 200-day MA last week which saw it briefly touch levels above 19.00. A failed break above the red resistance range between 19.15 and 19.30 will be rand positive which could allow the rand to pull the pair back below 18.50. Zooming out you will notice that the pair is working into a wedge, illustrated by the blue trend lines and in which...
Possible upside continuation of USDZAR in the first quarter of 2024. The pair has performed badly in recent times and with the Dollar looking to build up bullish momentum, this could mean more weakness of the South African Rand.
The pair has move a little higher, and beyond the SL 18.9950, and then retraced back. Overall am a preferred SELLER of the pair, observing a possible S/H/S pattern, that may not be completed as yet. the stochastic suggest positive movement upwards, and I feel in this context, we either BUY carefully with stop below 18.9100, or await the SELL that should be near...
The pair has made its movement south, and we are stalling around mid range regression channel. We also are moving within a small downward channel, and resistance is around 18.9650 (est.) For now, take back shorts, or lower SL to 18.9950. The chances are still we see lower 18.8000 is my view.
Strategy SELL @ 18.9350 and place SL above 18.9950 and profit level @ 18.8150.
The SL @ 19.1125 was executed, but luckily I also had a SELL order placed switching of screens @ 19.1675, and I just took back around 19.0100. Stop-loss is always for protection, and RSI was quite high above 80.0 also made me decide to leave sell order higher than the SL.
The stochastic has turned negative and we are in a corrective mode now. Lower GANN is onloy...
The pair has moved towards the expected level, and now some caution and a SELL strategy may be the next on the cards.
Stochastic is becoming high, but positive still.
Strategy SELL @ 18.9650 - 19.0100 and place SL @ 19.0575 and take profit @ 18.7450.
The ZAR has been trading in a fairly large and choppy range. There has been strong support at the 18.13 level and this morning we saw it breach 19 again. Should this weak trend continue, the levels to look out for are 19.20, 19.30, 19.63 and 19.92.
Fundamentals:
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...
My first thoughts few days ago with negative stochastic, that we may see lower levels, and that is why SL was placed near 18.7100. we are now moving higher, and am a careful buyer, but will await right levels. If one likes to stay out, is perhaps the best advise right now, but never the less I state my preferred view.
Strategy BUY @ 18.6500 area and place SL...
I am back home again from travels, and it seems the pair remains locked in within a range. BUY side works little bit and so does the SELL side. Looking at GOLD recovery and negative stochastic it is safe to short instead of long, at least that is what it feels like.
For now SELL @ 18.6500 and place SL above 18.7100 and take profit @ 18.3350.
Looking at the USD/ZAR on the Daily timeframe , the Market has been retracing from the previous weeks Low , we will be looking for a retracement to retest the recently formed Daily Demand Zone , which also confluences with the retest of the inner 1hr/4hr Demand Zone , we will take into consideration the movement of Gold and also the movement of DXY , on USD/ZAR...
