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.
The pair is currently testing the 61.8% Fibo level at 18.97 and we have the psychological resistance rate sitting at 19.00. A break above this resistance range will see the rand slide to the top end of the current blue downward trend line which coincides with the red resistance range between 19.15 and 19.30. A failed break above 19.00 will allow the rand to pull...
The pair has climbed as expected, but not with much power. Gold is holding well as well. I am neutral here, but suspect we may move little lower again. Strategy SELL @ 18.9500-19.0100 and place SL above 19.1150 and profit around 18.7350.
The pair looks it is poised to move higher coming sessions. Stochastic is positive and I think had sufficient correction. Strategy BUY @ 18.7800-18.8250 area and place SL below 18.7150 for now. Profit order @ 19.0350.
For the past 12wks I have left this pair because it has just been giving me the headache because I couldn't tell what the market was doing so I left it but now the market potentially seems to be giving us a Bearish setup and I will patiently wait for it to mature. VHT YOUR MENTOR SIGNING OUT
USDZAR is likely to further drive down to the 23 fib level....fib level 78.6 has signaled a short move with the instrument having given in to the bears at a resistance zone and pointed to a corrective wave. please engage with me if you have a different perspective or share the same sentiment.
The pair showed abidance by the "false bull flag" pattern" which has difficulty in determining when the tide turns. However, persistence is pays off. Depending if one would have re-entered sell, as I did myself, near the SL level in fact. For now I prefer side line to seeking a BUY level, which will be little lower. Strategy BUY @ 18.7350-18.7550 area and place...
The pair has touched the suggested SL level, and for that reason we have to enter little higher. We are supported by GANN level 19.0450 now, but stochastic is high, which means overall we will move lower in time. we remain keeping stops tight. The false bull flag pattern has changed slightly in its upper and lower band. Strategy SELL @ 19.0850-19.1150 and place...
The pair has moved higher, and GOLD moved lower, in tandem. Now we have reached nice sell levels again, with high stochastic as well. We also have a false bull flag pattern, suggesting we should see lower again. Strategy SEL @ 18.9450-19.0100 and place SL above 19.0650 and take profit @ 18.7550.
The rand folded on Friday after the broad-based rise in the dollar. The rand managed to pull the pair to a low of 18.53 but this support rate held its ground. The pair still remains in the wedge pattern between the two blue trend lines and technically the higher low is not positive for the rand. I’m expecting a re-test of the 61.8% Fibo rate of 18.97 this week and...
13 rand a dollar is looking possible from here unless this yrs votes then go otherwise this might be a thing of the past. Theres strong divergence visible between the RSI and the Market price, and correction is not yet complete as we need wave c of the correction before the flat continuation structure is complete.
Price has come to a strong support level with candle formations indicating a bullish move. First TP is around the 18.75 mark.
The pair has declined into the 18.50s and now establishing slightly above 18.6100 again. The stochastic is low, and the regression channel gives room slight lower as well. I would prefer not to rush into BUYING even though I think we will re-test 18.7400. Strategy BUY @ 18.5350-18.5550 and take profit @ 18.7150 and SL below 18.4800 for now.
Price is at resistance and has rejected the level with a 4h reversal candle stick. Price is at the bottom of the bullish channel and also touched the Keltner line. 4h rsi still negative but oversold
Price came up to an area of strong resistance and is also aligning with a 50 fib level. The candle close also indicates price is looking to head down.
We recently broke a supply area at 19.19152, this tells us buyers are starting to buy. Now we are tapping into the unfilled orders(demand area) at 18.53799. Accumulation wedge into this area suggest furthermore that buyers are interested in this area. Now the objective of buyers is to break the newly formed high(19.19152). Buyers in control..
High event risk today with the SARB rate decision (they'll hold rates at 8.25%) and US GDP results. The rand will take its que from the dollar but technically a move lower towards the 200-day and 50-day MA looks likely, perhaps even deeper towards 61.8% Fibo at 18.53.
usdzar has been consolidating on the past few hours which result to a patten being formed and with the resistance zone that has been found to be effective i see that the market is gonna drop now and we are already on the entry point.