Price has been trading within a range with a drop in its ATR. The best place I'll be looking for a buy opportunity is at a key support trendline which aligns with the bottom of the range. Price action candle stick patterns will be key before initiating a long position. Long term target being the top side of the range which aligns with resistance trendline.
The rand dipped below the R.14 66 mark early in the European session today pre eurozone data and ECB La Garde's speech, swiftly finding institutional buyers and a strong reversal at the reached range level.
Currently, the price is challenging the R.14 70 level, likely breaking this level during the American session and bouncing off around the R.14 77/80 region...
Longer term look for the december on USDZAR pair.
We can expect side move through next month which finally before 2020 should decide which way we go next year by breaking out from the trangle.
ZONAS DE OFERTA MENSUAL Y SEMANAL BAJO ATAQUE. ZONAS DE DEMANDA 1D & 4H FRESCAS. COMPRAS AGRESIVAS EN DEMANDA 4H, O ESPERAR POR CONFIRMACIONES PARA COMPRAS.
PLAN A
USDZAR
ACTION : BUYLIMIT :14.68283
T.P: 14.99033
S.L: 14.60392
RISK/REWARD RATIO: 3.9
COMMENT: BUY ON MINOR SUPPORT LEVEL
FOCUS ON D1 CHART
PLAN B
USDZAR
ACTION : BUYLIMIT :14.56145
T.P: 14.866895
S.L: 14.48254
RISK/REWARD RATIO: 3.9
COMMENT: BUY ON MAJOR SUPPORT LEVEL
FOCUS ON D1 CHART
We amassed a total of 3,340pips in the last trade taken on this pair (see link below for reference purposes); Find below our follow-up plan as we intend to take advantage of the setup arising.
Tendency: Temporary Uptrend (Bullish)
Structure: Harmonic | AB=CD
Observation: i. Impulse A-to-B is in harmony with the B-to-C leg.
...
USD/ZAR is experiencing what I would call a choppy market at the present time. In times of choppy markets my suggestion is always to look at other opportunities in the market. Why? In choppy markets, we see a lot of indecision. Its actually likely that you will LOSE money or try to chase the market to no avail. What we want to trade is a trending market..A...
The U.S. Dollar vs. the South African Rand. The Rand was and became legal tender in the late 50’s to early 60’s for South Africa, Swaziland, Lesotho and Namibia after moving away from the Pound. After the apartheid era sanctions the Rand experienced a great deal of volatility and depreciation.
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