Bullish outlook for USD/ZARWeaker Rand - currently noticing a sweep on liquidity and the dollar is looking stronger
Bullish outlook for ZAR
ZARUSD trade ideas
USDZAR Potential lower High formed looking to ride downtrend Looking at a potential downtrend forming to swing down to form a lower low and grab some pips
usdzarMy idea perfect market rejection ,always believe. Watited for market to show reception then react
USDZAR SELLING POTENTIALPRICE ON USDZAR HAS BROKEN OUT OF A REVERSAL structure with very strong momentum, now a lower degree continuation has been formed and awaiting breakout to trigger shorts
Zone Trading The first step in zone trading is to identify key levels of support and resistance on a chart. Support is the price level at which buying pressure is strong enough to prevent the price from falling further, while resistance is the price level at which selling pressure is strong enough to prevent the price from rising further.Once these levels are identified, traders can then look for zones between these levels where price tends to oscillate or consolidate. These zones may represent areas of potential opportunity for traders to enter or exit positions, depending on whether the price is approaching or retreating from the support or resistance level.
SHORT THE DOLLAR-The USDZAR has bumped it's head almost perfectly at resistance and it certainly looks like momentum has shifted. I reckon you can short USDZAR for a move back to at least the 50 day moving average which should scoop you a healthy size profit. Ideally you should be looking to enter the trade at around 18.30. We know how volatile this pair can get. So you should be looking for a target of around 17.45. Happy trading!
USDZAR LONGThe long term outlook remains bearish. In the short term we are seeing signs of a bullish correction targeting 18 levels. On the 4hr we have a CHOCH and BOS confirming the bullish correction.
UszarUsdzar has been bullish for sometime, previous analysis can be found on my profile.
Perfect entry has been activated, will allow this to play out to TP and two
Rand pullbackTechnical indicators and fundamentals are lining up for a reasonable rand pull back as per my previous idea. I expect the rand to pull the pair lower onto the 23.6% Fibo retracement rate and psychological rate of 18.00. A break below 18.00 will see the pair fall onto the critical support on the blue 61.8% Fibo retracement rate of 17.84 which coincide with the neckline of the broken upward channel and the black 38.2% Fibo retracement rate.
Fundamentals which are supporting some relief for the battered rand are most notably the easing of the selling pressure on US bonds. The US 10-year yield declined for the past two sessions after touching a high of 3.975% and is currently sitting at 3.865%. This will in turn cause the upward pressure on the dollar (DXY) to lose momentum. Additionally selling pressure on US equity markets are also subsiding. All of these factors are rand positive as it supports risk-on investor sentiment.
Technically on the 4h there is bearish divergence on the RSI while we have a sell signal on the MACD. On the daily, the MACD buy signal is rolling over while the RSI is deep in overbought zones. All of which are rand positive.
sell sell sell sell sell sell sell sell sell sell sell sell sell sell sell sell sell sell sell sell sell sell sell sell sell sell sell sell sell sell sell sell sell sell sell sell sell sell sell sell sell sell sell sell sell sell
USDZAR, dailyZAR remains under pressure against the USD.
Now trading above the first resistance level at R18.30 area, continued bullish momentum is bringing into play a key resistance level at 18.54. Later this after the South Africa Finance Minister Mr Enoch Godongwana will be delivering the 2023 SA Budget speech.
Expected swipe-saw price action from the USDZAR as the speech commences. Markets will be closely listening to comments around the current energy crisis and the Minister’s proposed solutions. Any comments not received well by the markets will likely seen further pressure on ZAR bring the R18.54 price action into play.
