USD/ZAR End Of Correction!

Updated:

The USD/ZAR pair was in a corrective phase after reaching 16.364 level. It has dropped as much as 15.734 level today where it has found support and now it tries to come back higher. Fundamentally, the USD received a helping hand from the US ADP Non-Farm Employment Change which was reported at 534K above 525K expected.

In addition, the ISM Manufacturing PMI increased from 60.8 to 61.1 points. Despite its failure to reach 61.3 points as expected, the indicator announced further expansion, this was good for the USD. Also, Powell’s hawkish remarks could boost the greenback.

USD/ZAR Technical Analysis!

USD/ZAR failed to stabilize under the 38.2% retracement level and below the weekly S1. Technically, it has registered a false breakdown with great separation below 15.757 level signaling that the bulls could take the lead again.

As I’ve told you in my live webinar (Live Trading Session) earlier today, USD/ZAR could develop an important upwards movement if it stays above the 38.2% retracement level and if it makes a new higher high, to close above 15.922.

Conclusion!

Its failure to reach the 15.732 daily S1 and the false breakdown with great separation below 15.757 former low signaled that we may have a bullish momentum.

 

Note: Learn2.Trade is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results.

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Olimpiu Tuns

Olimpiu Tuns graduated with a Master in Business Administration and is a seasoned Market Analyst / Trader / Trainer with 10 years of experience in the financial markets having expertise in Forex, Commodities, Index, Cryptocurrencies, and Stocks. He worked as a Market Analyst for three major brokerage companies, as a prop trader, and as a contributor/content creator for news portals and educational platforms.

South Africa Rand continues to depreciate

Updated:

Key Support: 14.80
Key Resistance: 15.08 – 15.20

The Rand has been crashing hard against the USD for the past week. This is really not a USD driven move since we have seen non directional trading for a couple of weeks on the USD. This is a ZAR driven rally on the USDZAR (ZAR depreciation).

Yesterday we banked over 100 pips on a USDZAR rally and today we are again long in this market on a breakout of a massive level.

The 14.90 level was Sept. 20th highs and after price broke higher this level was the base buyers were protecting. The bullish structure here is very strong and a flat triangle printed during the APAC session gave us the setup to buy into strength again.

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USDZAR dip buys at weekly pivot

Updated:

Key Support: 14.65
Key Resistance: 14.90

I’m looking for USD longs on a DXY reversal after the retest of August highs. The USDZAR presents a very good opportunity here.

After breaking with the 14.68 level last week and trapping shorts the USDZAR has pulled back to this very level.

This is a MASSIVE key historic level in this market and right now confluences with the weekly pivot and the previous broken highs.

Dip buys at the break of today’s highs are in play; more so because of the USD strength on a possible bullish leg.

Short term bullish divergence is also detected making this setup even higher probability of success. I’m targeting yesterday’s highs which are also the previous tested base.

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