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Usdzarshort

USD/ZAR: FUNDAMENTAL ANALYSIS + SHARK PATTERN FORMATION 🔔The South African Current Account for the second quarter is predicted at ZAR305.1B, and to the Current Account Percentage of GDP at 4.90%. Forex traders can compare this to the South African Current Account for the first quarter, reported at ZAR267.3B, and the Current Account Percentage of GDP at 5.00%. South African Manufacturing Production for July is predicted to decrease 3.0% monthly and increase 3.6% annualized. Forex traders can compare this to South African Manufacturing Production for June, which decreased 0.7% monthly and increased 12.5% annualized. US Initial Jobless Claims for the week of September 4th are predicted at 335K, and US Continuing Claims for the week of August 28th are predicted at 2,744K. Forex traders can compare this to US Initial Jobless Claims for the week of August 28th, reported at 340K, and to US Continuing Claims for the week of August 21st, reported at 2,748K. The forecast for the USD/ZAR remains bearish despite its recent sell-off. Can bears extend their dominance over the USD/ZAR and force more downside?
Short
by FOREXN1
1
SHORT POSITIONUSD/ZAR This last week saw considerable depreciation in the ZAR against the dollar, surrendering around 3.34% (taken at 18:00 CAT, Friday). A noticeable move was witnessed on Thursday which continued into Friday but later that day retraced off the intra-day high above 15.38. This coming week could see a retracement towards the 15.00 psychological level but much of this depends on the level of USD appeal as riskier markets such as EM markets and major equity markets also experienced a sizeable sell off. 15.38 remains the most relevant level of resistance if the current trend is to continue with 15.57 and 15.70 the further upside resistance targets.
Short
by AFFINITY_MARKETS
1
USDZAR Expected to Move Towards 14.22 in Short TermTrend Analysis The main view of this trade idea is on the 15-Min . The FX Cross USDZAR has been trading in a rectangular pattern between the 14.33145 and 14.44046 range over the last couple of days, providing an opportunity for a breakout in the FX Cross. Expectations are for USDZAR to break below the rectangular chart pattern to head towards 14.21 zone. Technical Indicators USDZAR is trading below its short (25-SMA), medium (75-SMA) and fractal moving averages. Also the FX Cross’s KST has had a negative crossover and its RSI is trading below 50. Also, at the time of publishing the technical strategy matrix has an overall sell in the 15-min, 1-hr, 4-hr and daily timeframe. These technical indicators support the view that USDZAR will decline in the short term. Recommendation The recommendation will be to go short at market. Stop loss will be set around the 14.45 price level and a target of 14.22. This produces a risk-reward ratio of 1.31. Disclaimer The views expressed are mine and do not represent the views of my employers and business partners. Persons acting on these recommendations are doing so at their own risk. These recommendations are not a solicitation to buy or to sell but are for purely discussion purposes. At the time publishing, I have a position in USDZAR.
Short
by Ceddy86