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U.S. Dollar / South African Rand

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USDZAR trade ideas

South African rand in trouble - Next target R21 :(Inv H&S has formed on the USD/ZAR since 6 June 2023. The price has recently broken above the neckine, showing the US dollar is poised for upside. The DIXIE (US Dollar Index) is also showing upside to come. 7>21>200 and confirms the US dollar is going up. RSI>50 - Bullish First target is R21.00 ABOUT THE DIXIE: HOW IT’S CALCULATED The USDX is calculated by the Federal Reserve Bank of New York and is based on the exchange rates of six major currencies: the euro (EUR) – Accounts for 57.6% - ,Japanese yen (JPY), British pound (GBP), Canadian dollar (CAD), Swedish krona ( SEK ), and Swiss franc (CHF) .
Long
by Timonrosso
$USDZAR - Possible Inverse Head & ShouldersIt seems the Daily chart of FX:USDZAR is very close to reaching the neckline to complete the right shoulder of what could then turn out an Inverse Head & Shoulders pattern. This is not the pattern with the highest reliability in my view, but by the looks of it now I will not discard this possibility right away. It also seems that the MACD has now turned up and is breaking through its trigger line with a first very small green histogram visible. Despite an article I published on 12 June 2023 where I see a target decidedly lower, in other words a stronger Rand (ZAR), but that being from a longer term chart, it seems that if this pattern continues to play out, we might see the ZAR as weak as ±R20-80 to the USD in the foreseeable future.
Long
by dawievdwest
USD/ZAR: Bullish Breakout Ahead?USD/ZAR: Bullish Breakout Ahead? 1. Price Formation: The price has not yet broken out from an inverted H&S price formation on a daily chart. 2. Moving Averages: The 7-day moving average (MA) is above the 21-day MA, which is a positive sign indicating short-term bullish momentum. 3. 200-day Moving Average is below the Price. 4. Thus, Mas 7>21>200 5. Relative Strength Index (RSI): The RSI is > than 50, indicating bullish momentum and potential further upward movement. 6. Price Target: 21
Long
by Sahle