Our beloved rand seems to be on the ropes again after a stronger than expected US CPI print. The stronger than expected US CPI is cooling last year’s aggressive rate cut expectations which is dollar positive and drives risk-off sentiment, which is rand negative.
Zooming out, the USD/ZAR pair has been in a wedge pattern since the rand made its 2Q2023 recovery...
Look for a series of higher highs and higher lows on the price chart.
Enter a long (buy) trade when the price makes a pullback to a higher low, anticipating that the uptrend will continue.
Place a stop-loss order below the most recent higher low to manage risk.
Take profit when the price makes a new higher high.
Downtrend Trading:
Look for a series of lower highs...
Looking at the long possibility on USDZAR, we could expect a bullish movement starting at a retracement at 18.83 as its the initial value for both the double bottom formation and the retest on the 11.8% fibo level which marks the average between the 0 and the 23.6% level, this is a very beautiful setup that we shall follow after the breakout on the 19.20 or the...
The USDZAR pair is trading above both the 1D MA50 (blue trend-line) and 1D MA200 (orange trend-line), on a strong consolidation phase as it approaches the end of an 8-month Triangle. Having been rejected last week very close to not only the Triangle's top but also the (dotted) Channel Up top (Lower Highs trend-line), we have a strong short-term sell signal in our...
Looking at USDZAR which on point 19.00226..
If you can take I clear look on the previous 4hour candle stick has hit our support..which means it has confirmed our reversal.on the 24th of Jan 2024 we had a reversal exactly on that point..
Our tp1 will be on point 18.83063
And our tp2 will be on point 18.857289
Our last to which is tp3 will be on point 18.23294
Price has found support and is at the bottom of the Keltner channel, price also has pushed below EMA's which is a good entry in my opinion. Overall price is still in a downward trend on the 4h but it seems price needs to push up first. RSI still negative but close to the mean and stoch RSI is overbought on 4h
HI FRIENDS!!
As we can see this USDZAR again near at support zone we have good chance to join the rally
as we can see US $ is holding support and all major pairs. this pair is also holding a strong support and trading above a uptrend line zone, so our risk and reward ratio is fantastic on this pair let's see what markets brings its just a trade idea share Ur...
Day trading using moving averages can be an effective strategy for identifying trends and potential entry/exit points in the market. Here's a four-step system for day trading using moving averages:
The pair went went quickly higher on the back of GOLD decline. the stochastic is positive and still has some more room, and considering GOLD weakness, likely we will see the pair trending higher a bit.
Strategy SELL @ 19.1950-19.2250 and place SL above 19.3150 and profit order @ 18.9750.
The pair did not move higher as I felt it may have, and instead stalled and mover lower to the 18.9300 area. The SL was activated, if short, and now we observe and see coming sessions what direction it will take. The triangle upside was respected and violated on the down side, and stochastic is negative and mid-way now.
Overall strategy play within the 18.6350-...
A price action above 18.95 supports a bullish trend direction.
Further bullish confirmation for a break above 19.20.
The target price is set at 19.50.
The stop-loss price is set at 18.70.
Remains above its 200-day simple moving average supporting a bullish underlying trend.
The South African dollar is one of the most attractive currencies traded in Forex.
According to the news of consumer inflation in the United States, the selling position is likely.
(This is just a personal opinion)
#USDZAR
The pair remains up in the air, and we are near the triangle breakout above 19.0600. Stochastic is still positive and high, but the way it seems to hoover, suggests we may see a sudden spike upwards.
Later we can SELL again, but for now, I am not confident on decline right now, and GOLD is staying on the low side.
Strategy BUY @ 19.0300-19.0500 and place SL...
the pair is trying to maintain the 19.00s but feel we still have a chance for lower. The triangle break will determine where we will go, but judging stochastic, I feel south still possible, but keeping SL very tight in case wrong.
strategy SELL @ 19.0100-19.0500 and place SL above 19.0975 for now. Profit order @ 18.7350.
