ZAR 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...
Referring back to my long-term idea posted in January (linked below “1H2023 USD/ZAR weekly timeframe”) I believe that the pair has started its 5th impulse wave higher towards the 2020 high around the 19.30’s after the failed break below the critical support rate of 16.80. The rand has depreciated for five consecutive weeks since mid-January which has seen the...
The price of platinum has since January 2023 nose-dived by roughly 16% which has seen the metal fall below its 200-day MA price of $947.60 to touch lows around $910 in Feb. The metal is however finding some support on the green 61.8% Fibo retracement level of $922.85 and the longer-term blue 23.6% Fibo. Technical indicators are supporting a move higher for the...
USD is in bullish momentum moving toward Resistance level at R18.3042 against the ZAR. The South Africa Rand (ZAR) has been under pressure following hawkish comments from the US Fed officials last week couple with hotter than expected US Producer Inflation figures (PPI) that were released on Thursday. Markets are now anticipating the US Fed to act more at its...
Looks like me might be building a bear flag. A break of the flag will see us go back to test R16,28 levels.
The rand had a tough week at the office last week which saw the local unit depreciate roughly 2.37% against the dollar. Risk-on sentiment gained some enthusiasm following Powell’s speech on Tuesday which hit the right notes regarding the Fed’s self-proclaimed victory over inflation. The sentiment however soured after US CPI numbers for the month of December were...
Falling Wedge formed on USD/ZAR 7>21>200 -BUllish RSI >50 With the Jobs data coming out much better than expected, and with the rising interest rates - this seems to have a positive effect on the US dollar as investors are putting their money in it. The economy is clearly booming and earnings are coming out better than expected. My first target for the USD/ZAR is R18.40
The dollar strength following Friday’s strong non-farm payrolls print continued in yesterday’s session which allowed the USDZAR pair to break through the blue 50% Fibo retracement rate of 17.61. The pair seems to have lost some upward momentum after hitting a high of 17.70. The rate of 17.61 will swing from a resistance to a support and a break below it will allow...
Time to reassess my position on the rand. I expected the 50-day MA rate of 17.15 to hold support for the pair during Wednesday’s turbulent session but Powell’s dovish comments regarding the Fed’s “successful fight against inflation” sent the dollar packing across the board. Equity markets staged an aggressive rally since Powell failed to decisively comment when...
The upward momentum seems to be fading as we await the open of the US session. The orange 23.6% Fibo retracement at 17.50 is a strong resistance and psychological rate for the pair and I don’t see it giving way before the major Fed event tomorrow. Over the slightly longer term I’m bearish on the rand after the pair broke above the key 50-day MA level at 17.15 and...
The economic calendar is wild this week so I thought it would be best to do a deep fundamental dive into the USDZAR . All the attention will be on the Federal reserve tomorrow and whether or when they will pause their rate hikes. We need to look past the hype around the interest rate and the “pivot" narrative. Focus should however be on how the markets will cope...
Hi people welcome to Team Decrypters We are expecting sell limit of ours to play for 60-100 pips atleast rest details are on the chart
VELOCITY:USDZAR is showing signs that it might be heading downwards. Although none of our indicators have crossed just yet, if the price action continues downwards we could be looking at a nice downward move. I have set the take profit to 1:2 Risk to Reward. I think that is pretty aspirational, so if the trade is triggered, I will monitor it and adjust the stop...
The rand managed to pull the pair to a daily close below the 50-day MA, yesterday, off the back of a broadly weaker dollar. There was no data driving the weakness in the greenback but it seems the weakness is stemming from the “plausible soft landing” narrative and the stable decline in US 10-year bond yield since the beginning of the year. Today’s calendar has...
The USD/ZAR price has formed a small double-top below the smooth descending trend. With the SARB decision and US GDP data coming up, I expect a bearish breakout below its neckline.
Emerging market currencies are likely to outperform the US dollar this year as the risk-on sentiment prevails. The USD/ZAR price has formed a bearish channel on the daily chart and a rising widening wedge on the weekly chart. Outlook is bearish for now.
USDZAR gained momentum in pushing to the upside since South africa had a negative impact on the economy due to the poper supply issue. We our first price target from last week was that price would hit 17.50 but now that it has made multiple breakout on certain levels we looking forward for the price to head around 17.70. We see a very clear price has reached...
Hello Traders Here is an analysis of USDZAR. Currently, price going to complete wave B before continuing the uptrend for wave C. Safe trade guys