EUR/ZAR - Buying OpportunityThere is currently a bullish opportunity with EUR/ZAR.
As long as it does not close under it's current support zone which is at ~1.1612 the bullish move is valid.
Trade safe.
ZAR
USDZAR is approaching resistance, potential drop! 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 a corresponding drop in price.
USDZAR approaching support, potential bounce! 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 might see a corresponding bounce in price.
ZARJPY: Extreme scenario based on recurring patterns.This pair has been trading on a very long term bearish pattern on the 1M chart (RSI = 44.631, MACD = -0.196, Highs/Lows = -0.1826, B/BP = -0.8800) and the neutrality on the 1W chart (5 indicators) suggests that a High has been reached. The bands appear to be widening for the supports, so we are short with TP = 6.700.
EURZAR: Significant long term downside gap. Short.The pair is trading on a very long term 1M Channel Up (RSI = 57.375, MACD = 0.349, Highs/Lows = 0.2662, B/BP = 1.5626) that has a sizable downside gap to fill in the attempt to price a Higher Low. Our action plan is to short towards 15.08674 and then buy for the next Higher High (pattern continuation) with TP = 18.5000.
AUDZAR: 1D Channel Down. Short.The pair is attempting to develop a Channel Down on 1D by currently pricing a Lower High. 9.9000 can be taken as a potential short target.
USDZAR - huge triangle, 3 % moves aheadNot trading this one, just following how the triangle pattern works out
USDZAR approaching resistance, potential drop! 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 corresponding drop in price .
USDZAR - Daily Key Elements Key levels to look out for, please refer to 4 hour chart for strategic view!
ZAR/JPY 1H Chart: Two scenarios likelyThe ZAR/JPY currency pair has re-tested the upper boundary of a medium-term ascending channel twice since the beginning of October.
As apparent on the chart, the pair is currently trading near the upper channel line located circa 7.95. Given that the pair is supported by the 55– and 100-hour SMAs near 7.85, it is expected that a breakout north occurs in the following trading sessions. Technical indicators for the 4H and 1D time frames support bullish scenario.
However, if given trend holds, a reverse occurs within following days. A potential downside target is the Fibonacci 23.60% retracement at 7.67.
