Price seems to have found support at a supply zone, where by DXY and gold has confirmed ZAR to swing back up again. Price is nicely below MA's for a good entry
I had updated on the SELL strategy that we violated the GANN resistance 18.7800 area and that it changed to BUY activity to see 19.8875 area as possible. It has moved further out. GANNs are useful for trading and helps to determine the support and resistance when we are on a directional trend.
For now, stochastic is higher up now, and we have moved nicely...
GIOLD drifti8ng lower and likely it will move back below $ 2,100. This should mean higher USDZAR overtime. However, for now, we are resisting @ 18.7850 GANN, and stochastic albeit positive, is turning lower from 83.0 handle. I feel we see attempt lower for now. Kepe stops tight though.
Strategy SELL @ 18.7500-18.7750 and place SL above 18.8000 for now. Profit @ 18.5750.
Gold is moving lower slowly, and I know gold may reach near $ 2,100 in coming sessions. However, the pair is at a crossroad, and near GANN resistance, and as long we hold below 18.7800 and seeing stochastic high, positive, but slightly turning, gives me the feel that we may see lower before higher again.
Strategy SELL @ 18.6850-18.7500 and place SL above 18.8000...
We have respected GANN resistance 18.7900 handle, and it feels that we may another attempt south again. Stochastic turning (not negative as yet) but from higher up (not extreme).
Strategy SELL @ 18.6850-18.7150 and place SL above 18.8150 and profit @ 18.4950.
It failed to move higher, but am still on the BUY side, because the pair is mainly influenced by GOLD and Crypto. Once there correct, which is still very much expected, the pair will skyrocket.
Patience is the game.
For now we have support 18.5000 and below means delay and lower levels to be seen before recovery.
Strategy BUY @ 18.5350-18.5600 and take profit @...
The pair has based somewhere 18.5500 and now embarking on moving towards higher grounds. The stochastic is positive now, and any strong move lower of crypto which bring gold lower, hence we will see 18.9000-18.9500 again is my personal feel.
Strategy BUY @ 18.6350-18.6650 and take profit @ 18.9175 and place SL below 18.5250.
The pair has been under attack again, and we did have some recovery but limited above 18.7500-18.7800 area. Now we are moving sharply lower with negative stochastic once again. This paves the way towards 18.5000 support, where I feel we may attempt to BUY again. My fear is SELL side not safe, due to the fact that any major change in crypto and GOLD will lead to...
I believe we remain in a larger range area, but feel tendency is to break beyond 18.8000 again.
The issue is, GOLD which is driven by crypto as people are seeking safety so the speak. However, this is not safety, rather is thin market conditions, and heavily oversold for the pair and overbought for crypto and GOLD.
Strategy BUY @ 18.6150 - 18.6750 area (add is...
remember my previous rand idea, this is what it is based on.
Daily timeframe we sold around 19 rands, because we had just completed a correction cycle Y which is a top when looking on the weekly timeframe.
From 19.80 rands we have been in a sideways correction, so for the correction cycle to be complete, we need to break below 17.60 and break above it again,...
The top side of the wedge held its ground and the break below the 61.8% Fibo at 19.87 has allowed the rand to pull the pair below the 50- and 200-day MA.
There is strong support levels at 19.75 and 19.67 and tomorrow's non-farm payrolls print will determine whether this is the long awaited break-out of the blue wedge or a fake-out.
A weaker than expected NFP...
Price seems to have found support at the bottom of the bullish channel. It is also at a support zone. 4h candlesticks reflect nice resistance at this zone. 4h RSI also overbought.
The pair showed lower levels in today's session, and for good reasons (Gold remaining high and moving higher). GOLD has been influenced by the crypto currencies, but am not placing high belief that this will remain. They are all overbought, and this will end one of the sessions, hence our pair will recover upwards. it is only difficult to suggest SL under these...
The rand had a tough week at the office following the budget speech which saw the USD/ZAR pair touch a 4-month high of 19.40. The pair is now testing the downward blue trend line which forms the blue wedge pattern in place since 2Q2023.
A break above this trend line would see the rand fold to 19.63 and possibly higher towards the all-time highs of 19.94. The...
The price is bearish to the 4-hourly candle, and 18.9 is a potential bullish zone. The price also has the potential to reach the 18.80 area if bearish pressure in the 19.2 range is strong enough to drop down following what appears to be an ABC pattern.
Overall, the price retraces, but we do not have a strong bearish confirmation until we see a strong lower high...
