The US Dollar has been depreciating against the South African Rand gradually since the beginning of August. This movement has been bounded in a falling wedge. During this week the pair has been trying to breach the resistance level formed by the weekly R1 at 14.54. Given that the exchange rate is being pressured by the 55-, 100– and 200-hour SMAs, it is...
There 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.
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...
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.
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.
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.
Not trading this one, just following how the triangle pattern works out
NCH software identified 3 bearish patterns on EURZAR 4 hours chart.
This seems to be Elliott wave's corrective descending triangle.
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...
Key levels to look out for, please refer to 4 hour chart for strategic view!
The 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...
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.