Not too late jump in. Where my South Africans at????
Harmony Gold has come down 27% since last week's price of R72. Case for short term upside in Harmony Gold: Harmony closely correlates to the Rand Gold price. 1. DXY Dollar Index is extremely oversold on the RSI, way off its 50-day moving average together with a big perfected TD 8 0f 9 candle which indicates a potential turnaround candle tomorrow. This...
The dollar index has broken medium term trend lines to the downside. Case for short term upside: 1. It is current EXTREMELY oversold on the RSI. 2. It has fallen far below its 50 day moving average. 3. TD Indicator is on a perfected 8 of 9 with the 8 daily candle being a big one. Potential capitulation here for a turnaround tomorrow on the TD 9. This...
When oil begins to fall, the best currencies for speculation are the Russian ruble and the Mexican peso. The South African rand is not so dependent on oil. Another 10-20 days and can buy USDRUB and USDMXN - the most highly volatile currencies.
The Rand had a good run the last 2 weeks but the following reasons may hint to a price support at current levels: 1. Price currently at 50% Fib Retracement level. 2. Horisontal price support from 2 months ago. 3. TD indicator on a perfected daily 9. 4. RSI at extreme low levels. 5. Triangular pattern plays out at current levels. Can the Rand strengthen...
USDZAR at testing level. Markets globally are questioning the recent bull rally, more stimulus coming which means higher risk SARB will cut rates again next week...best to stay long USDZAR (short rand)
Range bound betwen R18 - R19. Report released late Thursday by SA treasury just highlights how bad the deterioration in debt ratios, loss of tax revenues, and hit to growth that Covid has caused.
Potential short setup on USDZAR after breaking out of the channel and retesting it. Also, take note of the ending diagonal after the breakout and retest.
USDZAR is in global uptrend. But no instrument moves in straight lines. What we have witnessed was 50 % retracement and now its forming a clear fry pan bottom (also called Bump and run reversal bottom in Bulkowski's encyclopedia of Chart patterns) reversal pattern, right above 50 % global trend fibonacci level. Pring´s KST confirms the reversal.
More consolidation going forward, but I think we are still overall bullish on this one.
Pattern: Channel Up on 1W. Signal: Bullish as the pattern is close to making a Higher Low. Confirmation comes once the RSI tests the symmetrical Support Zone. Target: 16.7500 (just below the Symmetrical Resistance). Previous targets hit:
We were spot on with our last two trades on this pair and I believe another round is on the table. This is riskier than usual as the main trend is still upwards. Entry: 14.96 Stop-Loss: 15.04 Target: 14.80
- 200ma flat on daily - We at a key support/resistance zone here, its likely an attempt will be made to push through but i won't be to hasty to go short the ZAR until a support base is formed. - A break below the rising wedge will signal a move down and long
For now this remains a study. This is for demonstration and education purposes ONLY. When you look at this what do you see. Impulse, huge flag formation. This flag formation/correction took a while to form and pulled to the 61.8% fib level. What generally comes next? We could have a nice buy opportunity approaching us for next week. We had the bullish impulse, a...