USDZAR is in a downtrend but it seems ready for a pullback with a possible bullish divergence. If the upper trendline holds i'm looking for one more wave down, otherwise the correction could be completed.
With Gold having a bull run the Rand promptly followed. The Rand broke the yearly PP and is showing some strength. Volume entered the market. There was a brief attempt at a short term correction last week but the Gold strength dominated and pushed the Rand through the yearly PP. In the coming week we can expect a short term pullback/correction in Gold and the...
USDZAR evening Comment: Following a lower plung during the NA session this afternoon. with the pair lost nearly 139 pip. The USDZAR pair continue's to move down in a strong BEARISH trend as it did for past Three Bearish days ( view Daily chart below ). On the other hand. USDZAR is holding well below the long term 200 days simple moving average (that's why we...
- 14.00 is a significant technical level - post Brexit, Emerging Markets are relatively more attractive destinations opening the way for $/ZAR weakness into 13.00, 12.50 and 12.30 With this is mind; Buy 14.20 and 14.05 TP1 - 15.40 TP2 - 15.75 In reversal look to enter 2x short below 13.70. Targets 13.00 and 12.30 in extension
This is to update my previous view on where the Rand will go. The Municipal elections are approaching at the beginning of August which potentially could be the start of a political power shift in the country (or maybe not). However, I think there that investors sill be cautious in buying Rand before the election. With USD strength and resistance at the yearlPP we...
As a South African we are all wondering where the Rand will go. I do not trade the Rand but while it is strengthening you could consider buying ZAR as a carry trade. With the uncertainty around the upcoming Municipal elections the Rand could weaken first before completing the ABCD correction. There is also the looming downgrade to junk status. Around...
See chart and have a look at my previous analysis regarding this pair
Trading in a ascending channel. If daily close below 14.70 we should see 14.11. If candle close within the channel, we might see ths going up to 16.20 again.