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U.S. Dollar / South African Rand

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USDZAR trade ideas

September 22nd: A watchlistHere is the watchlist for today: EURUSD M30 we have a 123 formed which is currently trading in the red zone if entered, for now you may wait for price to trade back up above the neckline or wait for the H1 123 that is possibly forming now. NZDUSD M30 there is a GS formed, we are currently waiting for price to approach +1R if this was entered. EURAUD M30 we have a 123 formed, the neckline is very low. EURGBP M30 we have a 123 formed, the neckline is very low. GBPJPY M30 we have a 123 formed with an mcc. AUDCAD M30 we have a H&S formed, its not the most symmetrical. NZDCHF M30 we have a possible GS forming. Thats it from my side, no more trades form this afternoon. Happy hunting
by victormoneron43
USDZAR | Weekly | UpdateLooking at USDZAR on our weekly chart we can notice that USDZAR has been failing to break to the downside as has been respecting our previously outlined levels. To elaborate further we can take note of the fact that USDZAR’s failure to break through our 17.50xxx Psychological level confirmed a new higher low on the pair after which it started rallying back up and is now trading above our 19.0xxxx price point; we can also take note of the fact that after USDZAR failed to break our 17.50xxx level creating a new higher low it gave us the opportunity to identify the formation of that bullish channel within our already existing long term bullish trend. Now looking to the right on USDZAR we can notice the possibility of it creating a new all time high between our 20.50xxx and 21.50xxx respective levels and considering the current economic climate in South Africa and the upcoming elections causing further instability in the ZAR so we could possibly see the USDZAR head towards these levels as we head into 2024.
Long
by mosa_moshka
3