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U.S. Dollar / South African Rand

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USDZAR trade ideas

The wedge continues...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 a break above will allow the pair to inch back into the red resistance range between 19.15 and 19.28. For now, it’s too early to determine whether the pair is going to break to the top or bottom side of the current wedge but I’m leaning towards a break to the downside based on the expectations that the Fed will cut rates in around March.
by Goose96
USDZAR-NEUTRAL RANGE strategy 4-hourly chartThe pair has indeed broken through the expected 18.8500 area, and the scenario played out well. the decline did not go a sharp as I wanted it to be, as the 18.6500 has not met as yet. The parallel channel shows we have a range of 18.6700 - 18.8900 and this will be the paying field for coming sessions is my feel. Ultimately we should see 18.6000 GANN test I believe. Strategy BUY @ 18.7250-18.7400 and take profit @ 18.8875 with SL below 18.6550. OR Strategy SELL @ 18.8850 - 18.8650 and take profit @ 18.6850 with a SL @ 18.9450.
by peterbokma
A possible reversal before taking of to 19.10 againOn the H4 chart the price movement confirms that there will be a pullback on rand against yhe dollar to 18.717... yhen the price will look up on 19.10.... for a retest to give the market a sideways movement for the next 5 months... On the other side the H1 is showing a break for the bulls on the moving avarage and giving the price strength to push up with the dollar and against the rand...so the next high price on yhe rand against thedollar will be 19.10... for the coming week then anything can happen from there.... "Sideways or Drop with rand on dollar moving to 18.10... Keep your eye on this one for your profits in greens
by SMR_Analytics