USDZAR is approaching our first resistance at 6.8172 (horizontal pullback resistance, 50%, 61.8% Fibonacci retracement, 100% Fibonacci extension) where a strong drop might occur below this level pushing price down to our major support at 6.6009 (horizontal swing low support, 100% Fibonacci extension).
Stochastic (34,5,3) is also approaching resistance and we...
USDZAR is approaching our first support at 6.6135 (horizontal swing low support, 61.8%, 100% Fibonacci extension) where a strong bounce might occur pushing price up to our major resistance at 6.7134 (horizontal swing high resistance, 61.8% Fibonacci extension, 23.6%, 50% Fibonacci retracement).
Stochastic (34,5,3) is also approaching support and seeing a bullish...
USDZAR is approaching our first resistance at 6.8630 (horizontal overlap resistance, 100% Fibonacci extension, 38.2% Fibonacci retracement) where a strong drop might occur below this level pushing price down to our major support at 6.6179 (horizontal swing low support, 100% Fibonacci extension).
Stochastic (21,5,3) is also approaching resistance and we might see...
USDZAR is approaching our first support at 6.7169 (horizontal swing low support, 61.8%, 100% Fibonacci extension, 23.6% fibonacci retracement) where a strong bounce might occur pushing price up to its resistance at 6.8762 (horizontal overlap resistance, 100% Fibonacci extension, 38.2% Fibonacci retracement).
Stochastic (21,5,3) is also approaching support and we...
USDZAR is approaching our first resistance at 6.8550 (horizontal overlap resistance, 23.6% fibonacci retracement) where a strong drop might occur pushing price down to our major support at 6.7253 (horizontal pullback support, 100%, 61.8% fibonacci extension, 23.6% fibonacci retracement).
Stochastic (34,5,3) is also approaching resistance and we might see a...
USD/ZAR had impulsive bullish movement at the end of last week, followed by a recent correction, which landed at a key level of 61.8% fib level before the next impulsive move. Price action is resembling a bullish pennant, which if played out, would land at at the next key level as noted. Trade at your own risk. Long term I anticipate price to run back to $15 to $16.
USDZAR is correction the impulsive leg down as flat type structure. C leg is still remaining to complete the structure in the B wave of the larger ABC correction.
Watch this correction to breakout for long trade to test the top.
This trade idea is for demonstration and educational purposes only. We see that price tested the $15 levels and above very recently this year; it has potential to reach these prices again, especially given the economic uncertainties in South Africa. As you can see, price retraced from the most recent bull run, it bounced off the 50% fib level (see yellow oval...
Price has presented an opportunity to press the ZAR to 16.50
The 4hr bearish trendline was broken and new support was found to the upside.
I am well aware that the USDZAR can become extremely volatile, hence the tight stop.
Any break below the current trend line and i will be taking profit.
USD/ZAR bounced off the 61.8% fib on the weekly chart. Possible head and shoulders, pattern is forming, with price extending to 61.8% fib level on the daily chart in the short term. Also the economic and political conditions in South America forecast a deterioration of the Rand, and a turn to the USD for safety. This trade is for demonstration and educational...
I don't trade USDZAR but got request from one of my follower...Buy USDZAR now take profit in the chart..please make sure to book profit at every target.
Please hit like, share and follow for more ideas.
Vinny
