USDZAR
Short Opportunity
The ZAR has been hit hard by the political instability happening in South Africa.
Im noting a turn around with the Daily RSI, Hoping to go short on this pair.
Lets see what happens.
----------------------------------------
Elektro Analysis
Trade with your own consideration
Technically: I see a long term channel break, cypher and head and shoulders pattern, all bullish.
Fundamentally: South Africa's president just survived another vote of no confidence. This will long term be negative for the South African economy
USD/ZAR 1H Chart: Channel Up
The American Dollar is strengthening against the South African Rand in a short-term ascending channel.
The pattern started to form two days ago after a sharp appreciation of the Greenback by 1.8%.
Since there were no fundamental events that day, the surge most probably was attributed to combined support level set up by the...
USD is sitting right at support against a basket of emerging currencies. As long as the support holds, long positions are favoured.
The overall pattern looks corrective so far, I will revisit the chart when it breaks to either side.
UsdZar has stalled on the 4hr support at the 12.80 area.
Price is being squeezed between the trendlines. Expecting a break to the upside.
A close above the 12.90 - 12.95 area will support my long bias.
Target 1 = 13.30
Target 2 = 13.60
USDZAR Short Opportunity
Not sure regarding this trade, Risk/Reward not that great considering the USD has been stable and ongoing political issues in South Africa.
Please Trade with Care.
EURZAR cross pair is reacting to a bigger timeframe monthly demand zone, new weekly demand zones are being created, last one at 14.21 is playing out nicely. New levels of demand being created. Long bias
The reversal is here! We should be seeing USD strengthening and the index to move higher. The break above the 97.5 level which is a significant resistance level, has given clue that selling has ebbed and buying will be taking place on each pullbacks. See my other post of USD pairs for medium to longer term trades.
Looks like its making lower highs and lower lows. Looking for the final wave down before a corrective structure. R:R ratio is good and this has potential. Also peaked at a nice resistance and we see some divergence on the RSI and a nice crossover on the Stoch.
Unit could test fibonacci level at 12.68 or even lower at 12.31, then I will buy and hold for bullish trend reversal possible up to 13.7 area. High Profit/Risk ratio on this unit once it starts reversal.
Motivation:
Despite economic recession, Moody downgrade, political turmoil, ZAR has been strengthening. However, the longer-term effects of the economic...
Very classic trade setup. Downward trend is exhausting at the current level. Have been tracking this price action for entry after breaking below 3.81. For long entry, watch price to break above 3.76.
----------------------------------------------------------------------------------------------------------------
Trade outcome: 10-30 days
Surefire Trader's trades...
